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Hardcover Uncertainty, Production, Choice, and Agency Book

ISBN: 0521622441

ISBN13: 9780521622448

Uncertainty, Production, Choice, and Agency

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Book Overview

This book demonstrates 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. The authors demonstrate that dual methods apply under uncertainty and that the dual representations can be developed for stochastic technologies. Moreover, proper exploitation of the properties of alternative primal and dual representations of preferences allows analysts to generalize and extend the results of the existing literature on preferences under uncertainty, thus making expected-utility theory largely superfluous for many decisions.

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