Uncertainty In Economic Theory
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Uncertainty In Economic Theory
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Author : Itzhak Gilboa
language : en
Publisher: Routledge
Release Date : 2004-08-02
Uncertainty In Economic Theory written by Itzhak Gilboa and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-08-02 with Business & Economics categories.
This volume brings together important papers, coupled with new introductions, in the massively influential area of uncertainty in economic theory. Seminal papers are available together for the first time in book format, with new introductions and under the steely editorship of Itzhak Gilboa - this book is a useful reference tool for economists all over the globe.
Uncertainty In Economics
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Author : Peter Diamond
language : en
Publisher: Academic Press
Release Date : 2014-05-10
Uncertainty In Economics written by Peter Diamond and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-10 with Business & Economics categories.
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.
Ethics And Uncertainty
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Author : William B. Greer
language : en
Publisher: Edward Elgar Publishing
Release Date : 2000-01-01
Ethics And Uncertainty written by William B. Greer and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-01-01 with Business & Economics categories.
This study explores how two economists, who both placed "uncertainty" at the heart of their economic theories, came to drastically different and opposing policy recommendations. The volume illustrates the important lesson to be learned from Keynes and Knight.
Uncertainty In Economics
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Author : Julia Köhn
language : en
Publisher: Springer
Release Date : 2017-07-04
Uncertainty In Economics written by Julia Köhn and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-04 with Business & Economics categories.
In this book the author develops a new approach to uncertainty in economics, which calls for a fundamental change in the methodology of economics. It provides a comprehensive overview and critical appraisal of the economic theory of uncertainty and shows that uncertainty was originally conceptualized both as an epistemic and an ontological problem. As a result of the economic professions’ attempt to become acknowledged as a science, the more problematic aspect of ontological uncertainty has been neglected and the subjective probability approach to uncertainty became dominant in economic theory. A careful analysis of ontological theories of uncertainty explains the blindness of modern economics to economic phenomena such as instability, slumps or excessive booms. Based on these findings the author develops a new approach that legitimizes a New Uncertainty Paradigm in economics.
Bayesian Analysis And Uncertainty In Economic Theory
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Author : Richard Michael Cyert
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Bayesian Analysis And Uncertainty In Economic Theory written by Richard Michael Cyert and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
We began this research with the objective of applying Bayesian methods of analysis to various aspects of economic theory. We were attracted to the Bayesian approach because it seemed the best analytic framework available for dealing with decision making under uncertainty, and the research presented in this book has only served to strengthen our belief in the appropriateness and usefulness of this methodology. More specif ically, we believe that the concept of organizational learning is funda mental to decision making under uncertainty in economics and that the Bayesian framework is the most appropriate for developing that concept. The central and unifying theme of this book is decision making under uncertainty in microeconomic theory. Our fundamental aim is to explore the ways in which firms and households make decisions and to develop models that have a strong empirical connection. Thus, we have attempted to contribute to economic theory by formalizing models of the actual pro cess of decision making under uncertainty. Bayesian methodology pro vides the appropriate vehicle for this formalization.
Economics And The Antagonism Of Time
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Author : Douglas Vickers
language : en
Publisher: University of Michigan Press
Release Date : 1994
Economics And The Antagonism Of Time written by Douglas Vickers and has been published by University of Michigan Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
A careful reconsideration of time in economics leads to a new paradigm of choice
Risk Uncertainty And Profit
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Author : Frank H. Knight
language : en
Publisher: Courier Corporation
Release Date : 2012-03-09
Risk Uncertainty And Profit written by Frank H. Knight and has been published by Courier Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-09 with Business & Economics categories.
DIVThis enduring economics text provided the theoretical basis of the entrepreneurial American economy during the post-industrial era. A revolutionary work, it taught the world how to systematically distinguish between risk and uncertainty. /div
Risk Uncertainty And Profit
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Author : Frank H. Knight
language : en
Publisher:
Release Date : 2018-08-09
Risk Uncertainty And Profit written by Frank H. Knight and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-09 with Business & Economics categories.
Risk, Uncertainty, and Profit is a groundbreaking work of economic theory, distinguishing between risk, which is by nature measurable and quantifiable, and uncertainty, which can be neither be measured nor quantified. We begin with an analysis of the functions of profit, risk and uncertainty in the economy. Frank H. Knight introduces his work with a discussion on profit and how there are conflicts about its nature between various economic theorists. As the title implies, the author's chief concern is the interplay between making a profit, incurring risk, and determining if there is uncertainty. Risks are different from uncertainty in that they can be measured and protected against. For example a location chosen for a factory or farm may have a measured risk of flooding in a given year. Businesses, insurers and investors alike can be made aware of this, and behave according to the quantified risk.
Markets Information And Uncertainty
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Author : Kenneth Joseph Arrow
language : en
Publisher: Cambridge University Press
Release Date : 1999-01-28
Markets Information And Uncertainty written by Kenneth Joseph Arrow and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-28 with Business & Economics categories.
Leading theorists offer insights on the role of uncertainty and information in the market.
Uncertainty Within Economic Models
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Author : Lars Peter Hansen
language : en
Publisher: World Scientific Publishing Company Incorporated
Release Date : 2014
Uncertainty Within Economic Models written by Lars Peter Hansen and has been published by World Scientific Publishing Company Incorporated this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Business & Economics categories.
"Studying this work in real time taught me a lot, but seeing it laid out in conceptual, rather than chronological, order provides even clearer insights into the evolution of this provocative line of research. Hansen and Sargent are two of the best economists of our time, they are also among the most dedicated teachers in our profession. They have once again moved the research frontier, and with this book provide a roadmap for the rest of us to follow. This is a must-have for anyone interested in modeling uncertainty, ambiguity and robustness."Stanley E ZinWilliam R Berkley Professor of Economics and BusinessLeonard N Stern School of BusinessNew York UniversityWritten by Lars Peter Hansen (Nobel Laureate in Economics, 2013) and Thomas Sargent (Nobel Laureate in Economics, 2011), Uncertainty within Economic Models includes articles adapting and applying robust control theory to problems in economics and finance. This book extends rational expectations models by including agents who doubt their models and adopt precautionary decisions designed to protect themselves from adverse consequences of model misspecification. This behavior has consequences for what are ordinarily interpreted as market prices of risk, but big parts of which should actually be interpreted as market prices of model uncertainty. The chapters discuss ways of calibrating agents' fears of model misspecification in quantitative contexts.