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- catalog abstract ""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. These insights open the way for developments in the basic theory of production under uncertainty, the theory of hedging behavior, the analysis of agency problems, and the theory of production insurance."--Jacket.".
- catalog contributor b11856587.
- catalog contributor b11856588.
- catalog created "2000.".
- catalog date "2000".
- catalog date "2000.".
- catalog dateCopyrighted "2000.".
- catalog description ""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.".
- catalog description "1. States of Nature. 1.1. States of Nature. 1.2. The Parametrized Distribution Formulation. 1.3. Probability Distributions Over Finite Sets of Outcomes. 1.4. Choice Under Uncertainty -- 2. State-Contingent Production. 2.1. The Stochastic Production Function. 2.2. The Beginnings of a State-Contingent Technology. 2.3. A State-Contingent Production Technology. 2.4. Properties of the Output Set. 2.5. Properties of Input Sets. 2.6. A Functional Representation of the State-Contingent Technology: The State-Contingent Output-Distance Function. 2.7. The Structure of State-Contingent Technologies. 2.8. Appendix: Properties of the State-Contingent Output-Distance Function -- 3. Risk Aversion, Preferences, and Probability.".
- catalog description "Includes bibliographical references (p. 359-363) and index.".
- catalog description "These insights open the way for developments in the basic theory of production under uncertainty, the theory of hedging behavior, the analysis of agency problems, and the theory of production insurance."--Jacket.".
- catalog extent "xvi, 373 p. :".
- catalog identifier "0521622441 (hb)".
- catalog identifier "0521785235 (pbk.)".
- catalog issued "2000".
- catalog issued "2000.".
- catalog language "eng".
- catalog publisher "Cambridge ; New York : Cambridge University Press,".
- catalog subject "338.5 21".
- catalog subject "Consumer behavior.".
- catalog subject "HB615 .C52 2000".
- catalog subject "Microeconomics.".
- catalog subject "Production (Economic theory)".
- catalog subject "Uncertainty.".
- catalog tableOfContents "1. States of Nature. 1.1. States of Nature. 1.2. The Parametrized Distribution Formulation. 1.3. Probability Distributions Over Finite Sets of Outcomes. 1.4. Choice Under Uncertainty -- 2. State-Contingent Production. 2.1. The Stochastic Production Function. 2.2. The Beginnings of a State-Contingent Technology. 2.3. A State-Contingent Production Technology. 2.4. Properties of the Output Set. 2.5. Properties of Input Sets. 2.6. A Functional Representation of the State-Contingent Technology: The State-Contingent Output-Distance Function. 2.7. The Structure of State-Contingent Technologies. 2.8. Appendix: Properties of the State-Contingent Output-Distance Function -- 3. Risk Aversion, Preferences, and Probability.".
- catalog title "Uncertainty, production, choice, and agency : the state-contingent approach / Robert G. Chambers, John Quiggin.".
- catalog type "text".