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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Uncertainty, Production, Choice, and Agency: The State-Contingent Approach

Uncertainty, Production, Choice, and Agency: The State-Contingent Approach

Chambers, Robert G.
Quiggin, John

Paperback

Economics

ISBN10: 0521785235
ISBN13: 9780521785235
Publisher: Cambridge University Press
Published: Sep 18 2000
Pages: 390
Weight: 1.16
Height: 0.81 Width: 6.94 Depth: 8.96
Language: English
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.

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