Uncertainty, Production, Choice, and Agency
The State-Contingent Approach
Uncertainty, Production, Choice, and Agency by Robert G. Chambers
Book DescriptionThis book demonstrates that the state-contingent approach provides the best way to think about all problems in the economics of uncertainty, including problems of consumer choice, the theory of the firm, and principal agent relationships. The authors demonstrate that dual methods apply under uncertainty and that the dual representations can be developed for stochastic technologies. Moreover, proper exploitation of the properties of alternative primal and dual representations of preferences allows analysts to generalize and extend the results of the existing literature on preferences under uncertainty, thus making expected-utility theory largely superfluous for many decisions. These insights open the way for developments in the basic theory of production under uncertainty, the theory of hedging behavior, the analysis of agency problems and the theory of production insurance.
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Book DetailsISBN: 9780521622448
(253mm x 177mm x 25mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 25-Sep-2000
Country of Publication: United Kingdom
Books By Author Robert G. Chambers
Uncertainty, Production, Choice, and Agency, Paperback (September 2000)
This book presents a justification of the state-contingent approach to the economics of uncertainty.
Applied Production Analysis, Paperback (July 1988)» View all books by Robert G. Chambers
A modern treatment of production economics from a dual perspective.
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