The Theory of Price Uncertainty, Production, and Profit (Paperback) (ISBN-13: 9780691622224)

Firms and farmers, under pure competition, must make production decisions in the face of price uncertainty. The author has integrated diverse theories of behavior under uncertainty to provide a new framework for his mathematical analysis of the impact of price uncertainty on the behavior of the firm. Drawing upon the work of Knight, Hicks, von Neumann, and Morgenstern, he develops a schema that accounts for a greater diversity of behavior than do existing theories, yet one which yields simple economic theorems of practical value. The conclusions he draws apply to both socialist and capitalist economics.

Originally published in 1968.

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Author: Clement Allan Tisdell
ISBN-10: 0691622221
ISBN-13: 9780691622224
Publisher: Princeton University Press
Language: English
Published: 12/08/2015
Pages: 208
Format: Paperback
Weight: 0.66lbs
Size: 9.21h x 6.14w x 0.44d