Risk, Uncertainty and Chance

Neil M. Kay

Chapter 5 in The Emergent Firm, 1984, pp 56-83 from Palgrave Macmillan

Abstract: Abstract The dual purpose of this chapter is to identify the basic nature of information problems and to suggest the types of information costs associated with respective forms of economic organisation. So far we have merely indicated the existence of possible cracks in the neoclassical construction of Nirvana. We continue the search here with a view to more fully identifying the nature and source of structural defects in the foundations of neoclassical theory, and the role of risk, uncertainty, and chance in this ill-designed disaster area.

Keywords: Transaction Cost; Decision Theory; Roulette Wheel; Separation Problem; Perfect Knowledge (search for similar items in EconPapers)
Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-17517-8_5

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DOI: 10.1007/978-1-349-17517-8_5

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