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

Zusammenfassung Demonstrates that the state-contingent approach provides the best way to consider all problems in the economics of uncertainty! including consumer choice! the theory of the firm! and principal agent relationships. The authors show that dual methods apply under uncertainty and that the dual representations can be developed for stochastic technologies. Inhaltsverzeichnis 1. States of nature; 2. State-contingent production; 3. Risk aversion, preferences, and probability; 4. Indirect and dual representations of stochastic technologies; 5. State-contingent production: the theory; 6. Production with futures and forward markets; 7. Production insurance; 8. Production and non point source pollution regulation; 9. The moral hazard problem; 10. Endogenous reservation utility: agency and exploitation.

Product details

• Authors: Robert G. Chambers, Robert G. (University of Maryland Chambers, Robert G. Quiggin Chambers, John Quiggin
• Publisher: Cambridge University Press ELT
• Languages: English
• Product format: Paperback / Softback
• Released: 18.09.2000
• EAN: 9780521785235
• ISBN: 978-0-521-78523-5
• No. of pages: 390
• Subject: Social sciences, law, business > Business > Miscellaneous