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

$148.00

  • Date Published: September 2000
  • availability: In stock
  • format: Hardback
  • isbn: 9780521622448

$148.00
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About the Authors
  • 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.

    • State-of-the-art assessment of state-contingency analysis, a key tool to investigate the economics of uncertainty
    • Combines theory and applications in 'hot' areas such as insurance, futures and forward markets
    • Develops symmetry between consumer and producer choice problems, and doesn't rely on expected utility hypothesis
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    Product details

    • Date Published: September 2000
    • format: Hardback
    • isbn: 9780521622448
    • length: 384 pages
    • dimensions: 238 x 161 x 27 mm
    • weight: 0.661kg
    • contains: 69 b/w illus.
    • availability: In stock
  • Table of Contents

    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.

  • Authors

    Robert G. Chambers, University of Maryland, College Park

    John Quiggin, Australian National University, Canberra

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