Oligopolistic Uncertainty and Optimal Bidding in Government Procurement: A Subjective Probability Approach

Robert E. Kuenne

Chapter 21 in Arrow and the Ascent of Modern Economic Theory, 1987, pp 654-674 from Palgrave Macmillan

Abstract: Abstract Kenneth Arrow’s early and continuing interest in the economics of risk and uncertainty and his contributions to the literature it inspired were pivotal in the developments that have characterised the field in the last 20 years. A re-reading of the Essays in the Theory of Risk Bearing — some of which date back a quarter century or more — confirms in detail the impressions they created at first reading. In them Arrow moves effortlessly between the rigour of mathematical analysis and the brilliantly intuitive and conjectural.

Keywords: Opportunity Cost; Reservation Price; Cumulative Density Function; Bidding Strategy; Bidding Function (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-07239-2_21

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DOI: 10.1007/978-1-349-07239-2_21

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