Skip to content
Register Sign in Wishlist
Uncertainty, Production, Choice, and Agency

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

  • Date Published: November 2000
  • availability: Available
  • format: Paperback
  • isbn: 9780521785235


Add to wishlist

Other available formats:

Looking for an inspection copy?

This title is not currently available on inspection

Product filter button
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. 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.

    • 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
    Read more

    Reviews & endorsements

    '… tremendous scope of achievement in this signal contribution to the literature … I would be remiss in doing other than recommend that Journal readers join me in treasuring this book in their library.' The Australian Journal of Agricultural and Resource Economics

    Customer reviews

    Not yet reviewed

    Be the first to review

    Review was not posted due to profanity


    , create a review

    (If you're not , sign out)

    Please enter the right captcha value
    Please enter a star rating.
    Your review must be a minimum of 12 words.

    How do you rate this item?


    Product details

    • Date Published: November 2000
    • format: Paperback
    • isbn: 9780521785235
    • length: 390 pages
    • dimensions: 229 x 152 x 22 mm
    • weight: 0.57kg
    • contains: 69 b/w illus.
    • availability: Available
  • 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

Sign In

Please sign in to access your account


Not already registered? Create an account now. ×

Sorry, this resource is locked

Please register or sign in to request access. If you are having problems accessing these resources please email

Register Sign in
Please note that this file is password protected. You will be asked to input your password on the next screen.

» Proceed

You are now leaving the Cambridge University Press website. Your eBook purchase and download will be completed by our partner Please see the permission section of the catalogue page for details of the print & copy limits on our eBooks.

Continue ×

Continue ×

Continue ×

Find content that relates to you

Join us online

This site uses cookies to improve your experience. Read more Close

Are you sure you want to delete your account?

This cannot be undone.


Thank you for your feedback which will help us improve our service.

If you requested a response, we will make sure to get back to you shortly.

Please fill in the required fields in your feedback submission.