Uncertainty in Economics

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ISBN: 9780122148507 | 0122148509
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Copyright: 5/10/2014

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The First Edition, published in 1978, brought together classic and modern thinking in the economics of uncertainty and provided the first text in the area. This Second Edition includes three new articles, added material on search theory, an additional preface, and updated references. Articles, introduced with brief commentaries, are divided into three broad sections: theory of choice under uncertainty, general equilibrium models of financial institutions, and models of the effects of uncertainty on market institutions.

Preface	p. ix
Individual Choice in a Static Setting
Risk taking by individual option--Case study--Cigarette smoking, in "Perspectives on Benefit Risk Decision Making," pp. 73-84. Washington, D.C.: National Academy of Engineering, 1972	p. 3
Judgment under uncertainty: Heuristics and biases, Science 185 (1974) 1124-1131	p. 17
Axiomatic theories of choice, cardinal utility and subjective probability: A review, in "Allocation under Uncertainty: Equilibrium and Optimality," (J. Dreze, ed.), pp. 3-23. New York and Toronto: Wiley, 1974	p. 35
Risk aversion in the small and in the large, Econometrica 32 (1964) 122-136	p. 59
Exercise on demand for insurance
Some remarks on measures of risk aversion and their uses, Journal of Economic Theory 1 (1969) 315-329	p. 81
Increasing risk I: A definition, Journal of Economic Theory 2 (1970) 225-243	p. 99
Comment
Notes and exercises on increasing risk	p. 123
Savings and uncertainty: The precautionary demand for saving, Quarterly Journal of Economics 82 (1968) 465-473	p. 127
Exercise on savings under uncertainty
Three omitted topics: Mean-variance analysis, the expected value of information, and auctions	p. 141
The effect of uncertainty on resource allocation, Quarterly Journal of Economics 85 (1971) 440-453. (Part of the article is omitted.)	p. 143
General Equilibrium in a Static Setting
"Theory of Value," Chapter 7, pp. 98-102, New York: Wiley, 1959	p. 163
References
Exercise on equilibrium prices and consumption
Comment
Competitive equilibrium under uncertainty, Econometrica 36 (1968) 31-58	p. 175
Comment
The role of a stock market in a general equilibrium model with technological uncertainty, American Economic Review 57 (1967) 759-773 (appendix omitted)	p. 209
Comment
Exercise on uniform pricing	p. 231
The market for lemons: Qualitative uncertainty and the market mechanism, Quarterly Journal of Economics 84 (1970) 488-500	p. 235
Comment
Notes and exercises on the use of imperfect information	p. 253
Equilibrium in competitive insurance markets: An essay on the economics of imperfect information, Quarterly Journal of Economics 90 (1976) 629-650	p. 257
Comment
Job market signaling, Quarterly Journal of Economics 87 (1973) 355-374	p. 281
Exercise: A signaling equilibrium with a continuum of skill classes
Comment
Overinsurance and public provision of insurance: The roles of moral hazard and adverse selection, Quarterly Journal of Economics 88 (1974) 44-54 (Sections IV and V omitted)	p. 307
Exercises on optimal insurance
Comment
Moral hazard and observability, Bell Journal of Economics 10 (1979) 74-91	p. 325
Uncertainty and the welfare economics of medical care, American Economic Review 53 (1963) 941-969 (appendix omitted)	p. 345
Transaction costs, risk aversion, and the choice of contractual arrangements, Journal of Law and Economics 12 (1969) 23-42	p. 377
Comment
Two omitted topics: Product liability and workers' compensation	p. 401
Uncertainty and the evaluation of public investments, American Economic Review 60 (1970) 364-378	p. 403
Comment
Sequential Choice and Equilibrium with Limited Information
Searching for the lowest price when the distribution of prices is unknown, Journal of Political Economy 82 (1974) 689-711	p. 425
Exercises on search rules
Central planning, monopoly, duopoly	p. 455
Models of market organization with imperfect information: A survey, Journal of Political Economy 81 (1973) 1283-1308	p. 459
Comment
Exercise on information and prices
Equilibrium distributions of sales and advertising prices, Review of Economic Studies (appendix omitted) Vol. XLIV (3) (1977) 465-491	p. 493
Comment
Equilibrium search and unemployment, Journal of Economic Theory 7 (1974) 188-209	p. 515
Comment
Wage determination and efficiency in search equilibrium, Review of Economic Studies Vol. XLIX (1982) 217-227	p. 541
Comment
Aggregate demand management in search equilibrium, Journal of Political Economy 90 (1982) 881-894	p. 555
The private and social value of information and the reward to inventive activity, American Economic Review 61 (1971) 561-574	p. 571
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