The state-contingent approach to production and uncertainty

John Quiggin and Robert G. Chambers

No 151168, Risk and Sustainable Management Group Working Papers from University of Queensland, School of Economics

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.

Keywords: Risk; and; Uncertainty (search for similar items in EconPapers)
Pages: 21
Date: 2005-01-27
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uqsers:151168

DOI: 10.22004/ag.econ.151168

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