Author: John Denis HeyPublisher:
ISBN:
Category : Economics
Languages : en
Pages : 232
Book Description
Surveys in the Economics of Uncertainty
Author: John Denis HeyPublisher:
ISBN:
Category : Economics
Languages : en
Pages : 232
Book Description
The Analytics of Uncertainty and Information
Author: Sushil BikhchandaniPublisher: Cambridge University Press
ISBN: 1107433762
Category : Business & Economics
Languages : en
Pages : 509
Book Description
There has been explosive progress in the economic theory of uncertainty and information in the past few decades. This subject is now taught not only in departments of economics but also in professional schools and programs oriented toward business, government and administration, and public policy. This book attempts to unify the subject matter in a simple, accessible manner. Part I of the book focuses on the economics of uncertainty; Part II examines the economics of information. This revised and updated second edition places a greater focus on game theory. New topics include posted-price markets, mechanism design, common-value auctions, and the one-shot deviation principle for repeated games.
The Analytics of Uncertainty and Information
Author: Jack HirshleiferPublisher: Cambridge University Press
ISBN: 9780521283694
Category : Business & Economics
Languages : en
Pages : 482
Book Description
Economists have always recognised that human endeavours are constrained by our limited and uncertain knowledge, but only recently has an accepted theory of uncertainty and information evolved. This theory has turned out to have surprisingly practical applications: for example in analysing stock market returns, in evaluating accident prevention measures, and in assessing patent and copyright laws. This book presents these intellectual advances in readable form for the first time. It unifies many important but partial results into a satisfying single picture, making it clear how the economics of uncertainty and information generalises and extends standard economic analysis. Part One of the volume covers the economics of uncertainty: how each person adapts to a given fixed state of knowledge by making an optimal choice among the immediate 'terminal' actions available. These choices in turn determine the overall market equilibrium reflecting the social distribution of risk bearing. In Part Two, covering the economics of information, the state of knowledge is no longer held fixed. Instead, individuals can to a greater or lesser extent overcome their ignorance by 'informational' actions. The text also addresses at appropriate points many specific topics such as insurance, the Capital Asset Pricing model, auctions, deterrence of entry, and research and invention.
Uncertainty and Economic Activity
Author: Ruediger BachmannA Survey of Uncertainty Economic Measures
Author: Siew Yong LimThe Economics of Uncertainty
Author: Susan S. HannaPublisher:
ISBN:
Category : Fisheries
Languages : en
Pages : 193
Book Description
Uncertainty Aversion
Author: David KelseyPublisher:
ISBN:
Category : Economics
Languages : en
Pages : 32
Book Description
Handbook of the Economics of Risk and Uncertainty
Author: Mark J. MachinaPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Detailed surveys examine risk and uncertainty, from classical and foundational work through current developments. Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance
The Economics of Uncertainty
Author: C. J. McKennaPublisher:
ISBN:
Category : Psychology
Languages : en
Pages : 152
Book Description
Uncertainty and Change
Author: Ruediger BachmannPublisher:
ISBN:
Category : Business forecasting
Languages : en
Pages : 70
Book Description
This paper studies how managers plan under uncertainty. In a new survey panel on German manufacturing firms, we show that uncertainty reflects change: Planning incorporates higher subjective uncertainty about future sales growth when the firm has just experienced unusual growth, and more so if the experience was negative. At the quarterly frequency, subjective uncertainty closely tracks conditional volatility of shocks: Both exhibit an asymmetric V-shaped relationship with past growth. In the cross section of firms, however, subjective uncertainty differs from conditional volatility: planning in successful firms -- either large or fast-growing -- reflects lower subjective uncertainty than in unsuccessful firms even when the size of the shocks is the same.