Uncertainty, Production, Choice, and Agency by Robert G. Chambers
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Uncertainty, Production, Choice, and Agency
By Robert G. Chambers

Uncertainty, Production, Choice, and Agency

The State-Contingent Approach

By (author) See other recent books by Robert G. Chambers See other recent books by John Quiggin
Format: Hardback

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Uncertainty, Production, Choice, and Agency by Robert G. Chambers

Book Description

This 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 Details

ISBN: 9780521622448
ISBN-10: 0521622441
Format: Hardback
(253mm x 177mm x 25mm)
Pages: 390
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 25-Sep-2000
Country of Publication: United Kingdom

Other Editions...


Books By Author Robert G. Chambers

Uncertainty, Production, Choice, and Agency by 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 by Robert G. Chambers Applied Production Analysis, Paperback (July 1988)

A modern treatment of production economics from a dual perspective.

» View all books by Robert G. Chambers

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