Uncertainty, Production, Choice, and Agency

Robert Chambers () and John Quiggin

in Cambridge Books from Cambridge University Press

Abstract: 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.

Date: 2000
References: Add references at CitEc
Citations: View citations in EconPapers (184)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Book: Uncertainty, Production, Choice, and Agency (2000)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cup:cbooks:9780521622448

Ordering information: This item can be ordered from
http://www.cambridge ... p?isbn=9780521622448

Access Statistics for this book

More books in Cambridge Books from Cambridge University Press
Bibliographic data for series maintained by Data Services ().