Finance And The Economics Of Uncertainty
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Finance and the Economics of Uncertainty
Author | : Gabrielle Demange,Guy Laroque |
Publsiher | : Wiley-Blackwell |
Total Pages | : 296 |
Release | : 2006-01-13 |
Genre | : Business & Economics |
ISBN | : 9781405121385 |
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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.
Keynes on Monetary Policy Finance and Uncertainty
Author | : Jorg Bibow |
Publsiher | : Routledge |
Total Pages | : 262 |
Release | : 2013-03-01 |
Genre | : Business & Economics |
ISBN | : 9781134262052 |
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This book provides a reassessment of Keynes’ theory of liquidity preference. It argues that the failure of the Keynesian revolution to be made in either theory or practice owes importantly to the fact that the role of liquidity preference theory as a pivotal element in Keynes’ General Theory has remained underexplored and indeed widely misunderstood even among Keynes’ followers and until today. The book elaborates on and extends Keynes’ conceptual framework, moving it from the closed economy to the global economy context, and applies liquidity preference theory to current events and prominent hypotheses in global finance. Jörg Bibow presents Keynes’ liquidity preference theory as a distinctive and highly relevant approach to monetary theory offering a conceptual framework of general applicability for explaining the role and functioning of the financial system. He argues that, in a dynamic context, liquidity preference theory may best be understood as a theory of financial intermediation. Through applications to current events and prominent hypotheses in global finance, this book underlines the richness, continued relevance, and superiority of Keynes’ theory of liquidity preference; with Hyman Minsky standing out for developing Keynes’ vision of financial capitalism.
Handbook of the Economics of Risk and Uncertainty
Author | : Mark Machina,W. Kip Viscusi |
Publsiher | : Newnes |
Total Pages | : 897 |
Release | : 2013-11-14 |
Genre | : Business & Economics |
ISBN | : 9780444536860 |
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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
The Economics of Risk and Time
Author | : Christian Gollier |
Publsiher | : MIT Press |
Total Pages | : 492 |
Release | : 2001 |
Genre | : Business & Economics |
ISBN | : 0262572249 |
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Updates and advances the theory of expected utility as applied to risk analysis and financial decision making.
Uncertainty and Economics
Author | : Christian Müller-Kademann |
Publsiher | : Routledge |
Total Pages | : 213 |
Release | : 2019-01-08 |
Genre | : Business & Economics |
ISBN | : 9780429664496 |
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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.
Risk Uncertainty and Profit
Author | : Frank H. Knight |
Publsiher | : Cosimo, Inc. |
Total Pages | : 401 |
Release | : 2006-11-01 |
Genre | : Business & Economics |
ISBN | : 9781602060050 |
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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.
Financial Decision Making Under Uncertainty
Author | : ANDERSON ANDERSON WEBSTER |
Publsiher | : Academic Press |
Total Pages | : 314 |
Release | : 2014-06-28 |
Genre | : Business & Economics |
ISBN | : 9781483294995 |
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Financial Dec Making under Uncertainty
Financial Economics Risk and Information
Author | : Marcelo Bianconi |
Publsiher | : World Scientific |
Total Pages | : 496 |
Release | : 2011-08-23 |
Genre | : Business & Economics |
ISBN | : 9789814355131 |
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Financial Economics, Risk and Information presents the fundamentals of finance in static and dynamic frameworks with focus on risk and information. The objective of this book is to introduce undergraduate and first-year graduate students to the methods and solutions of the main problems in finance theory relating to the economics of uncertainty and information. The main goal of the second edition is to make the materials more accessible to a wider audience of students and finance professionals. The focus is on developing a core body of theory that will provide the student with a solid intellectual foundation for more advanced topics and methods. The new edition has streamlined chapters and topics, with new sections on portfolio choice under alternative information structures. The starting point is the traditional mean-variance approach, followed by portfolio choice from first principles. The topics are extended to alternative market structures, alternative contractual arrangements and agency, dynamic stochastic general equilibrium in discrete and continuous time, attitudes towards risk and towards inter-temporal substitution in discrete and continuous time; and option pricing. In general, the book presents a balanced introduction to the use of stochastic methods in discrete and continuous time in the field of financial economics.