The state-contingent approach to production under uncertainty *

John Quiggin () and Robert G Chambers ()

Australian Journal of Agricultural and Resource Economics, 2006, vol. 50, issue 2, pages 153-169

Abstract: The central claim of this paper is 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. This claim is illustrated by recent developments in, and applications of, the state-contingent approach. Copyright Australian Agricultural and Resource Economics Society Inc. and Blackwell Publishing Ltd 2006.

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