| Description |
1 online resource (569 pages) |
| Contents |
Front Cover; Uncertainty in Economics: Readings and Exercises; Copyright Page; Dedication; Table of Contents; Preface; Part I: INDIVIDUAL CHOICE IN A STATIC SETTING; Chapter 1. Risk taking by individual option-Case study: Cigarette smoking; PHARMACOLOGICAL BENEFITS; PSYCHOLOGICAL BENEFITS; REFERENCES; Chapter 2. Judgment under uncertainty: Heuristics and biases; Representativeness; Availability; Adjustment and Anchoring; Discussion; Summary; References and Notes; Chapter 3. Axiomatic theories of choice, cardinal utility and subjective probability: A review; I. HISTORICAL PERSPECTIVE |
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II. THE CONCEPTUAL FRAMEWORKIII. AXIOMS OF A NORMATIVE THEORY; IV. OBJECTIONS TO THE NORMATIVE APPEAL OF THE AXIOMS; V. MERITS AND LIMITATIONS OF THE THEORY; VI. LINK WITH ECONOMIC APPLICATIONS; REFERENCES; Chapter 4. Risk aversion in the small and in the large; 1. SUMMARY AND INTRODUCTION; 2. THE RISK PREMIUM; 3. LOCAL RISK AVERSION; 4. CONCAVITY; 5. COMPARATIVE RISK AVERSION; 6. CONSTANT RISK AVERSION; 7. INCREASING AND DECREASING RISK AVERSION; 8. OPERATIONS WHICH PRESERVE DECREASING RISK AVERSION; 9. EXAMPLES; 11. CONSTANT PROPORTIONAL RISK AVERSION |
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12. INCREASING AND DECREASING PROPORTIONAL RISK AVERSION13. RELATED WORK OF ARROW; Exercise on demand for insurance; Chapter 5. Some remarks on measures of risk aversion and their uses; I; II; Ill; IV; REFERENCES; Chapter 6. Increasing risk:I. A definition; I. INTRODUCTION; II. THE INTEGRAL CONDITIONS; III. PARTIAL ORDERINGS OF DISTRIBUTION FUNCTIONS; IV. MEAN-VARIANCE ANALYSIS; ACKNOWLEDGMENTS; REFERENCES; Comment; Chapter 7. Notes and exercises on increasing risk; References; Chapter 8. Savings and uncertainty: The precautionary demand for saving; I. INTRODUCTION |
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II. A Two PERIOD MODEL OF CONSUMPTIONIII. THE EFFECT OF UNCERTAINTY ON SAVING; IV. DECREASING RISK AVERSION AND PRECAUTIONARY SAVING; V. SPECULATIONS ON THE CONSUMPTION FUNCTION; VI. CONCLUSION; Exercise on savings under uncertainty1; Chapter 9. Two omitted topics: Mean-variance analysis and the expected value of information; References; Chapter 10. The effect of uncertainty on resource allocationin a General Equilibrium Model; I. INTRODUCTION; II. SOME PARTIAL EQUILIBRIUM RESULTS; III. MODEL ONE: RANDOM LABOR SUPPLY; APPENDIX; Part II: GENERAL EQUILIBRIUM IN A STATIC SETTING |
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Chapter 11. ""Theory of Value, "" Chapter 77.1. INTRODUCTION; 7.2. EVENTS; 7.3. COMMODITIES AND PRICES; 7.4. PRODUCERS; 7.5. CONSUMERS; 7.6. EQUILIBRIUM; 7.7. OPTIMUM; References; Exercise on equilibrium prices and consumption; Comment; Chapter 12. Competitive equilibrium under uncertainty; I. INTRODUCTION; 2. STATES AND ACTS; 3. FIXED INFORMATION ABOUT THE ENVIRONMENTS; STRATEGIES; 4. CONSUMERS AND PRODUCERS; 5. EQUILIBRIUM; 6. OPTIMUM; 7. AN EXAMPLE; 8. INFORMATIONAL CONSTRAINTS ON TRADE; 9. CHOICE OF INFORMATION; 10. NETWORK INFORMATION; 11. MARKET INFORMATION AND DEFERRED MARKETS |
| Summary |
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 restrictin |
| Notes |
12. computation |
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Uncertainty in Economics |
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Print version record |
| Subject |
Risk.
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Uncertainty.
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Risk
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Uncertainty
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| Form |
Electronic book
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| Author |
Rothschild, Michael
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| ISBN |
9781483264509 |
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1483264505 |
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