Uncertainty In Economics

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Uncertainty in Economics

Peter Diamond,Michael Rothschild
Uncertainty in Economics Book PDF

Author : Peter Diamond,Michael Rothschild
Publisher : Academic Press
Page : 569 pages
File Size : 43,6 Mb
Release : 2014-05-10
Category : Business & Economics
ISBN : 9781483264509

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Uncertainty in Economics by Peter Diamond,Michael Rothschild Pdf

Uncertainty in Economics: Readings and Exercises provides information pertinent to the fundamental aspects of the economics of uncertainty. This book discusses ho uncertainty affects both individual behavior and standard equilibrium theory. Organized into three parts encompassing 30 chapters, this book begins with an overview of the relevance of expected utility maximization for positive and normative theories of individual choice. This text then examines the biases in judgments, which reveal some heuristics of thinking under uncertainty. Other chapters consider the effect of restricting trade in contingent commodities to those trades that can be affected through the stock and bond markets. This book discusses as well the individual problem of sequential choice and equilibria, which are built around the notion of sequential choice. The final chapter deals with an entirely different aspect of the economics of information and reverts to the assumption that markets are perfect and costless. This book is a valuable resource for economists and students.

Uncertainty and Economics

Christian Müller-Kademann
Uncertainty and Economics Book PDF

Author : Christian Müller-Kademann
Publisher : Routledge
Page : 213 pages
File Size : 55,9 Mb
Release : 2019-01-08
Category : Business & Economics
ISBN : 9780429664496

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Uncertainty and Economics by Christian Müller-Kademann Pdf

This book is set against the assumption that humans' unique feature is their infinite creativity, their ability to reflect on their deeds and to control their actions. These skills give rise to genuine uncertainty in society and hence in the economy. Here, the author sets out that uncertainty must take centre stage in all analyses of human decision making and therefore in economics. Uncertainty and Economics carefully defines a taxonomy of uncertainty and argues that it is only uncertainty in its most radical form which matters to economics. It shows that uncertainty is a powerful concept that not only helps to resolve long-standing economic puzzles but also unveils serious contradictions within current, popular economic approaches. It argues that neoclassical, real business cycle, or new-Keynesian economics must be understood as only one way to circumvent the analytical challenges posed by uncertainty. Instead, embracing uncertainty offers a new analytical paradigm which, in this book, is applied to standard economic topics such as institutions, money, the Lucas critique, fiscal policy and asset pricing. Through applying a concise uncertainty paradigm, the book sheds new light on human decision making at large. Offering policy conclusions and recommendations for further theoretical and applied research, it will be of great interest to postgraduate students, academics and policy makers.

Economie de L'incertain Et de L'information

Jean-Jacques Laffont
Economie de L incertain Et de L information Book PDF

Author : Jean-Jacques Laffont
Publisher : MIT Press
Page : 312 pages
File Size : 45,6 Mb
Release : 1989
Category : Business & Economics
ISBN : 0262121360

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Economie de L'incertain Et de L'information by Jean-Jacques Laffont Pdf

The Economics of Uncertainty and Information may be used in conjunction with Loffont's Fundamentals of Economics in an advanced course in microeconomics.

Handbook of the Economics of Risk and Uncertainty

Mark Machina,W. Kip Viscusi
Handbook of the Economics of Risk and Uncertainty Book PDF

Author : Mark Machina,W. Kip Viscusi
Publisher : Newnes
Page : 897 pages
File Size : 48,9 Mb
Release : 2013-11-14
Category : Business & Economics
ISBN : 9780444536860

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Handbook of the Economics of Risk and Uncertainty by Mark Machina,W. Kip Viscusi Pdf

The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments. Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance Divides coverage between theoretical, empirical, and experimental findings Makes the economics of risk and uncertainty accessible to scholars in fields outside economics

Risk, Uncertainty and Profit

Frank H. Knight
Risk Uncertainty and Profit Book PDF

Author : Frank H. Knight
Publisher : Cosimo, Inc.
Page : 401 pages
File Size : 43,8 Mb
Release : 2006-11-01
Category : Business & Economics
ISBN : 9781602060050

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Risk, Uncertainty and Profit by Frank H. Knight Pdf

A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.

Finance and the Economics of Uncertainty

Gabrielle Demange,Guy Laroque
Finance and the Economics of Uncertainty Book PDF

Author : Gabrielle Demange,Guy Laroque
Publisher : Wiley-Blackwell
Page : 294 pages
File Size : 54,7 Mb
Release : 2006-01-13
Category : Business & Economics
ISBN : 9781405121392

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Finance and the Economics of Uncertainty by Gabrielle Demange,Guy Laroque Pdf

Finance and the Economics of Uncertainty explores the growing range of economic decisions that are conducted under uncertainty both on the personal level, as well as by large firms. Analyzes the allocation of risk in the context of the current literature, as well as emphasizes the role of information in decisions and prices. Includes end-of-chapter exercises that supply the necessary tools for a comprehensive understanding of the field.

Uncertainty in Economic Theory

Itzhak Gilboa
Uncertainty in Economic Theory Book PDF

Author : Itzhak Gilboa
Publisher : Taylor & Francis
Page : 577 pages
File Size : 55,5 Mb
Release : 2004-08-02
Category : Business & Economics
ISBN : 9781134344161

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Uncertainty in Economic Theory by Itzhak Gilboa Pdf

This volume brings together important papers, coupled with new introductions, in the massively influential area of uncertainty in economic theory. Seminal papers are available together for the first time in book format, with new introductions and under the steely editorship of Itzhak Gilboa - this book is a useful reference tool for economists all over the globe.

Time, Ignorance, and Uncertainty in Economic Models

Donald W. Katzner
Time Ignorance and Uncertainty in Economic Models Book PDF

Author : Donald W. Katzner
Publisher : University of Michigan Press
Page : 502 pages
File Size : 53,8 Mb
Release : 1998
Category : Business & Economics
ISBN : 9780472109388

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Time, Ignorance, and Uncertainty in Economic Models by Donald W. Katzner Pdf

Formal economic analysis using Shackle's ideas of historical time and nonprobabilistic uncertainty

Uncertainty in Economics and Other Reflections

G. L. S. Shackle
Uncertainty in Economics and Other Reflections Book PDF

Author : G. L. S. Shackle
Publisher : Cambridge University Press
Page : 292 pages
File Size : 46,5 Mb
Release : 2010-08-26
Category : Business & Economics
ISBN : 052115331X

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Uncertainty in Economics and Other Reflections by G. L. S. Shackle Pdf

This book is a collection of some of Professor Shackle's papers written between 1939 and 1953 is largely concerned with the problems of 'expectation' and 'uncertainty' and with reducing these universal factors to some sort of plausible rules. Also included are essays on interest rates, on investment and employment, and on the philosophy of economics. This book, by one of the finest economic writers of his time, will appeal to anyone with an interest in the history of economics.

Economic Decisions Under Uncertainty

Hans-Werner Sinn
Economic Decisions Under Uncertainty Book PDF

Author : Hans-Werner Sinn
Publisher : Springer Science & Business Media
Page : 378 pages
File Size : 52,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642615474

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Economic Decisions Under Uncertainty by Hans-Werner Sinn Pdf

The Fundamental Issues Involved Why do we need a theory of uncertainty? It is a fact that almost all man's economic decisions are made under conditions of uncertainty, but this fact alone does not provide a strong enough argument for making the effort necessary to generalize ordinary preference theory designed for a world of perfect certainty. In accordance with Occam's Razor, the mathematician may well welcome a generalization of assumptions even if it does not promise more than a restatement of known results. The economist, however, will only be well disposed towards making the effort if he can expect to achieve new insights and interesting results, for he is interested in the techniques necessary for the generalization only as means to an end, not as ends in themselves. A stronger reason for developing a theory of uncertainty, therefore, seems to be the fact that there are kinds of economic activities to which the non-stochastic preference theory has no access or has access only through highly artificial constructions. Such activities include portfolio decisions of wealth holders, speculation, and insurance. These will be considered in detail in the last chapter of the book. The main purpose of this book, however, is not to apply a theory of uncertainty to concrete economic problems, the purpose rather is to formulate such a theory.

The Analytics of Uncertainty and Information

Sushil Bikhchandani,Jack Hirshleifer,John G. Riley
The Analytics of Uncertainty and Information Book PDF

Author : Sushil Bikhchandani,Jack Hirshleifer,John G. Riley
Publisher : Cambridge University Press
Page : 509 pages
File Size : 48,8 Mb
Release : 2013-08-12
Category : Business & Economics
ISBN : 9781107433762

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The Analytics of Uncertainty and Information by Sushil Bikhchandani,Jack Hirshleifer,John G. Riley Pdf

There has been explosive progress in the economic theory of uncertainty and information in the past few decades. This subject is now taught not only in departments of economics but also in professional schools and programs oriented toward business, government and administration, and public policy. This book attempts to unify the subject matter in a simple, accessible manner. Part I of the book focuses on the economics of uncertainty; Part II examines the economics of information. This revised and updated second edition places a greater focus on game theory. New topics include posted-price markets, mechanism design, common-value auctions, and the one-shot deviation principle for repeated games.

Risk, Choice, and Uncertainty

George G. Szpiro
Risk Choice and Uncertainty Book PDF

Author : George G. Szpiro
Publisher : Columbia University Press
Page : 413 pages
File Size : 41,8 Mb
Release : 2020-01-07
Category : Business & Economics
ISBN : 9780231550970

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Risk, Choice, and Uncertainty by George G. Szpiro Pdf

At its core, economics is about making decisions. In the history of economic thought, great intellectual prowess has been exerted toward devising exquisite theories of optimal decision making in situations of constraint, risk, and scarcity. Yet not all of our choices are purely logical, and so there is a longstanding tension between those emphasizing the rational and irrational sides of human behavior. One strand develops formal models of rational utility maximizing while the other draws on what behavioral science has shown about our tendency to act irrationally. In Risk, Choice, and Uncertainty, George G. Szpiro offers a new narrative of the three-century history of the study of decision making, tracing how crucial ideas have evolved and telling the stories of the thinkers who shaped the field. Szpiro examines economics from the early days of theories spun from anecdotal evidence to the rise of a discipline built around elegant mathematics through the past half century’s interest in describing how people actually behave. Considering the work of Locke, Bentham, Jevons, Walras, Friedman, Tversky and Kahneman, Thaler, and a range of other thinkers, he sheds light on the vast scope of discovery since Bernoulli first proposed a solution to the St. Petersburg Paradox. Presenting fundamental mathematical theories in easy-to-understand language, Risk, Choice, and Uncertainty is a revelatory history for readers seeking to grasp the grand sweep of economic thought.

Uncertainty and Economic Evolution

John L. Lott Jr.
Uncertainty and Economic Evolution Book PDF

Author : John L. Lott Jr.
Publisher : Routledge
Page : 304 pages
File Size : 41,9 Mb
Release : 2005-06-23
Category : Business & Economics
ISBN : 9781134745609

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Uncertainty and Economic Evolution by John L. Lott Jr. Pdf

The theory of the firm has recently undergone a dramatic transformation, drawing heavily on the pathbreaking work of Armen Alchian. This volume explores his contribution to the debate, including essays by Harold Demetz, Ben Klein, Jerry Jordan and Art Devany.

New Economics of Risk and Uncertainty

Moawia Alghalith
New Economics of Risk and Uncertainty Book PDF

Author : Moawia Alghalith
Publisher : Nova Publishers
Page : 128 pages
File Size : 52,6 Mb
Release : 2007
Category : Business & Economics
ISBN : 1600217451

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New Economics of Risk and Uncertainty by Moawia Alghalith Pdf

Presents an alternative theoretical framework that can serve as the basis for a new age of economic analysis under risk and uncertainty. This work features an endogenous theory that overcomes the major shortcomings of both the expected utility and the rank-dependent models while it possesses the merits of both.

Bayesian Analysis and Uncertainty in Economic Theory

Richard Michael Cyert,Morris H. DeGroot
Bayesian Analysis and Uncertainty in Economic Theory Book PDF

Author : Richard Michael Cyert,Morris H. DeGroot
Publisher : Rowman & Littlefield
Page : 234 pages
File Size : 40,7 Mb
Release : 1987
Category : Business & Economics
ISBN : 0847674711

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Bayesian Analysis and Uncertainty in Economic Theory by Richard Michael Cyert,Morris H. DeGroot Pdf

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