Uncertainty in Economics - 1st Edition - ISBN: 9780122148507, 9781483264509

Uncertainty in Economics

1st Edition

Readings and Exercises

Editors: Peter Diamond Michael Rothschild
eBook ISBN: 9781483264509
Imprint: Academic Press
Published Date: 28th January 1978
Page Count: 586
Tax/VAT will be calculated at check-out Price includes VAT (GST)
30% off
30% off
30% off
30% off
30% off
20% off
20% off
30% off
30% off
30% off
30% off
30% off
20% off
20% off
30% off
30% off
30% off
30% off
30% off
20% off
20% off
70.95
49.66
49.66
49.66
49.66
49.66
56.76
56.76
56.99
39.89
39.89
39.89
39.89
39.89
45.59
45.59
93.95
65.77
65.77
65.77
65.77
65.77
75.16
75.16
Unavailable
Price includes VAT (GST)
× DRM-Free

Easy - Download and start reading immediately. There’s no activation process to access eBooks; all eBooks are fully searchable, and enabled for copying, pasting, and printing.

Flexible - Read on multiple operating systems and devices. Easily read eBooks on smart phones, computers, or any eBook readers, including Kindle.

Open - Buy once, receive and download all available eBook formats, including PDF, EPUB, and Mobi (for Kindle).

Institutional Access

Secure Checkout

Personal information is secured with SSL technology.

Free Shipping

Free global shipping
No minimum order.

Description

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.

Table of Contents


Preface

I. Individual Choice in a Static Setting

1. Risk Taking by Individual Option—Case Study—Cigarette Smoking, in "Perspectives on Benefit Risk Decision Making," pp. 73-84. Washington, D.C.: National Academy of Engineering, 1972

2. Judgment Under Uncertainty: Heuristics and Biases, Science 185 (1974), 1124-1131

3. Axiomatic Theories of Choice, Cardinal Utility and Subjective Probability: A review, in "Allocation Under Uncertainty: Equilibrium and Optimality,"(J. Drèze, Ed.), pp. 3-23. New York and Toronto: Wiley, 1974

4. Risk Aversion in the Small and in the Large, Econometrica 32 (1964), 122-136

Exercise on Demand for Insurance

5. Some Remarks on Measures of Risk Aversion and their Uses, Journal of Economic Theory 1 (1969), 315-329

6. Increasing Risk I: A Definition, Journal of Economic Theory 2 (1970), 225-243

Comment

7. Notes and Exercises on Increasing Risk

8. Savings and Uncertainty: The Precautionary Demand for Saving, Quarterly Journal of Economics 82 (1968), 465-473

Exercise on Savings Under Uncertainty

9. Two Omitted Topics: Mean-Variance Analysis and the Expected Value of Information

10. The Effect of Uncertainty on Resource Allocation, Quarterly Journal of Economics 85 (1971), 440-453. (Part of the Article is Omitted)

II. General Equilibrium in a Static Setting

11. "Theory of Value," Chapter 7, pp. 98-102, New York: Wiley, 1959

References

Exercise on Equilibrium Prices and Consumption

Comment

12. Competitive Equilibrium Under Uncertainty, Econometrica 36 (1968), 31-58

Comment

13. The Role of a Stock Market in a General Equilibrium Model with Technological Uncertainty, American Economic Review 57 (1967), 759-773 (Appendix Omitted)

Comment

14. Exercise on Uniform Pricing

15. The Market for Lemons: Qualitative Uncertainty and the Market Mechanism, Quarterly Journal of Economics 84 (1970), 488-500

Comment

16. Notes and Exercises on the Use of Imperfect Information

17. Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information, Quarterly Journal of Economics 90 (1976), 629-650

Comment

18. Job Market Signaling, Quarterly Journal of Economics 87 (1973), 355-374

Exercise: A Signaling Equilibrium with a Continuum Of Skill Classes

Comment

19. Overinsurance and Public Provision of Insurance: The Roles of Moral Hazard and Adverse Selection, Quarterly Journal of Economics 88 (1974), 44-54

Exercises on Optimal Insurance

Comment

20. Insurance, Information, and Individual Action, American Economic Review 61 (1971), 380-387

Comment

21. Uncertainty and the Welfare Economics of Medical Care, American Economic Review 53 (1963), 941-969 (Appendix Omitted)

22. Transaction Costs, Risk Aversion, and the Choice of Contractual Arrangements, Journal of Law and Economics 12 (1969), 23-42

Comment

23. Two Omitted Topics: Product Liability and Workers' Compensation

24. Uncertainty and the Evaluation of Public Investments, American Economic Review 60 (1970), 364-378

Comment

III. Sequential Choice and Equilibrium with Limited Information

25. Searching for the Lowest Price When the Distribution of Prices is Unknown, Journal of Political Economy 82 (1974), 689-711

Exercises on Search Rules

26. Central Planning, Monopoly, Duopoly

27. Models of Market Organization with Imperfect Information: A Survey, Journal of Political Economy 81 (1973), 1283-1308

Comment

Exercise on Information and Prices

28. Equilibrium Distributions of Sales and Advertising Prices, Review of Economic Studies (Appendix Omitted) Vol. XLIV (3), (1977), 465-491

29. Equilibrium Search and Unemployment, Journal of Economic Theory 7 (1974), 188-209

Comment

30. The Private and Social Value of Information and the Reward to Inventive Activity, American Economic Review 61 (1971), 561-574

Details

No. of pages:
586
Language:
English
Copyright:
© Academic Press 1978
Published:
Imprint:
Academic Press
eBook ISBN:
9781483264509

About the Editor

Peter Diamond

Affiliations and Expertise

Massachusetts Institute of Technology, Cambridge, Massachusetts, U.S.A.

Michael Rothschild

Affiliations and Expertise

University of California at San Diego, La Jolla, U.S.A.