Uncertainty And Economics
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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.
Uncertainty in Economics
Author | : Peter Diamond,Michael Rothschild |
Publsiher | : Academic Press |
Total Pages | : 569 |
Release | : 2014-05-10 |
Genre | : Business & Economics |
ISBN | : 9781483264509 |
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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.
Economie de L incertain Et de L information
Author | : Jean-Jacques Laffont |
Publsiher | : MIT Press |
Total Pages | : 312 |
Release | : 1989 |
Genre | : Business & Economics |
ISBN | : 0262121360 |
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The Economics of Uncertainty and Information may be used in conjunction with Loffont's Fundamentals of Economics in an advanced course in microeconomics.
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
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.
Finance and the Economics of Uncertainty
Author | : Gabrielle Demange,Guy Laroque |
Publsiher | : Wiley-Blackwell |
Total Pages | : 294 |
Release | : 2006-01-13 |
Genre | : Business & Economics |
ISBN | : 9781405121392 |
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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.
Time Ignorance and Uncertainty in Economic Models
Author | : Donald W. Katzner |
Publsiher | : University of Michigan Press |
Total Pages | : 502 |
Release | : 1998 |
Genre | : Business & Economics |
ISBN | : 9780472109388 |
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Formal economic analysis using Shackle's ideas of historical time and nonprobabilistic uncertainty
Uncertainty in Economics and Other Reflections
Author | : G. L. S. Shackle |
Publsiher | : Cambridge University Press |
Total Pages | : 292 |
Release | : 2010-08-26 |
Genre | : Business & Economics |
ISBN | : 052115331X |
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This book is a collection of some of Professor Shackle's papers written between 1939 and 1953 is largely concerned with the problems of 'expectation' and 'uncertainty' and with reducing these universal factors to some sort of plausible rules. Also included are essays on interest rates, on investment and employment, and on the philosophy of economics. This book, by one of the finest economic writers of his time, will appeal to anyone with an interest in the history of economics.