On Industry Equilibrium Under Uncertainty

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Investment under Uncertainty

Author : Robert K. Dixit
Publisher : Princeton University Press
ISBN 13 : 1400830176
Total Pages : 484 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Investment under Uncertainty by : Robert K. Dixit

Download or read book Investment under Uncertainty written by Robert K. Dixit and published by Princeton University Press. This book was released on 2012-07-14 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.

Essays on Economic Decisions Under Uncertainty

Author : Jacques Drèze
Publisher : CUP Archive
ISBN 13 : 9780521386975
Total Pages : 460 pages
Book Rating : 4.3/5 (869 download)

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Book Synopsis Essays on Economic Decisions Under Uncertainty by : Jacques Drèze

Download or read book Essays on Economic Decisions Under Uncertainty written by Jacques Drèze and published by CUP Archive. This book was released on 1990-05-25 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: Professor Dreze is a highly respected mathematical economist and econometrician. This book brings together some of his major contributions to the economic theory of decision making under uncertainty, and also several essays. These include an important essay on 'Decision theory under moral hazard and state dependent preferences' that significantly extends modern theory, and which provides rigorous foundations for subsequent chapters. Topics covered within the theory include decision theory, market allocation and prices, consumer decisions, theory of the firm, labour contracts, and public decisions.

Risk, Uncertainty and Profit

Author : Frank H. Knight
Publisher : Cosimo, Inc.
ISBN 13 : 1602060053
Total Pages : 401 pages
Book Rating : 4.6/5 (2 download)

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Book Synopsis Risk, Uncertainty and Profit by : Frank H. Knight

Download or read book Risk, Uncertainty and Profit written by Frank H. Knight and published by Cosimo, Inc.. This book was released on 2006-11-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Irreversibility, Uncertainty, and Investment

Author : Robert S. Pindyck
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4./5 ( download)

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Book Synopsis Irreversibility, Uncertainty, and Investment by : Robert S. Pindyck

Download or read book Irreversibility, Uncertainty, and Investment written by Robert S. Pindyck and published by World Bank Publications. This book was released on 1989 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Irreversible investment is especially sensitive to such risk factors as volatile exchange rates and uncertainty about tariff structures and future cash flows. If the goal of macroeconomic policy is to stimulate investment, stability and credibility may be more important than tax incentives or interest rates.

William Baumol

Author : Fouad Sabry
Publisher : One Billion Knowledgeable
ISBN 13 :
Total Pages : 192 pages
Book Rating : 4.:/5 (661 download)

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Book Synopsis William Baumol by : Fouad Sabry

Download or read book William Baumol written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-02-04 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Who is William Baumol Economist William Jack Baumol was a native of the United States. In addition to his position as Professor Emeritus at Princeton University, he held the position of Academic Director of the Berkley Center for Entrepreneurship and Innovation. He was also a professor of economics at New York University. More than eighty books and several hundred journal papers were included in his body of work. He was a prolific author. Baumol is the name of the phenomenon that bears his name. How you will benefit (I) Insights about the following: Chapter 1: William Baumol Chapter 2: Kenneth Arrow Chapter 3: Oskar R. Lange Chapter 4: James Mirrlees Chapter 5: Harold Hotelling Chapter 6: Fernando Alvarez (economist) Chapter 7: Michio Morishima Chapter 8: Fritz Machlup Chapter 9: Jan Mossin Chapter 10: Entrepreneurial economics Chapter 11: Lars Peter Hansen Chapter 12: Evsey Domar Chapter 13: Susan Athey Chapter 14: Roger Myerson Chapter 15: Paul Klemperer Chapter 16: Jacques Drèze Chapter 17: Don Patinkin Chapter 18: Parag Pathak Chapter 19: Fuhito Kojima Chapter 20: Dave Donaldson (economist) Chapter 21: Stefanie Stantcheva Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information about William Baumol.

On Interpreting Keynes

Author : Bruce Littleboy
Publisher : Routledge
ISBN 13 : 1134949529
Total Pages : 353 pages
Book Rating : 4.1/5 (349 download)

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Book Synopsis On Interpreting Keynes by : Bruce Littleboy

Download or read book On Interpreting Keynes written by Bruce Littleboy and published by Routledge. This book was released on 2013-03-07 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is discontent with how the textbooks have come to reinterpret Keynes but there is little communication between the most prominent schools of criticism. This book argues that this lack of dialogue is mistaken and damaging. A synthesis is possible as many of the arguments between them can be traced to simple misunderstadings and differences of emphasis.

New Efficiency Theory

Author : Jati Sengupta
Publisher : Springer Science & Business Media
ISBN 13 : 3540247912
Total Pages : 184 pages
Book Rating : 4.5/5 (42 download)

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Book Synopsis New Efficiency Theory by : Jati Sengupta

Download or read book New Efficiency Theory written by Jati Sengupta and published by Springer Science & Business Media. This book was released on 2012-11-10 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: New efficiency theory refers to the various parametric and semi-parametric methods of estimating production and cost frontiers, which include data envelopment analysis (DEA) with its diverse applications in management science and operations research. This monograph develops and generalizes the new efficiency theory by highlighting the interface between economic theory and operations research. Some of the outstanding features of this monograph are: (1) integrating the theory of firm efficiency and industry equilibrium, (2) emphasizing growth efficiency in a dynamic setting, (3) incorporating uncertainty of market demand and prices, and (4) the implications of group efficiency by sharing investments. Applications discuss in some detail the growth and decline of the US computer industry, and the relative performance of mutual fund portfolios.

A Comprehensive Assessment of the Role of Risk in U.S. Agriculture

Author : Richard E. Just
Publisher : Springer Science & Business Media
ISBN 13 : 1475735839
Total Pages : 580 pages
Book Rating : 4.4/5 (757 download)

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Book Synopsis A Comprehensive Assessment of the Role of Risk in U.S. Agriculture by : Richard E. Just

Download or read book A Comprehensive Assessment of the Role of Risk in U.S. Agriculture written by Richard E. Just and published by Springer Science & Business Media. This book was released on 2013-11-11 with total page 580 pages. Available in PDF, EPUB and Kindle. Book excerpt: After all the research on agricultural risk to date, the treatment of risk in agricultural research is far from harmonious. Many competing risk models have been proposed. Some new methodologies are largely untested. Some of the leading empirical methodologies in agricultural economic research are poorly suited for problems with aggregate data where risk averse behavior is less likely to be important. This book is intended to (i) define the current state of the literature on agricultural risk research, (ii) provide a critical evaluation of economic risk research on agriculture to date and (iii) set a research agenda that will meet future needs and prospects. This type of research promises to become of increasing importance because agricultural policy in the United States and elsewhere has decidedly shifted from explicit income support objectives to risk-related motivations of helping farmers deal with risk. Beginning with the 1996 Farm Bill, the primary set of policy instruments from U.S. agriculture has shifted from target prices and set aside acreage to agricultural crop insurance. Because this book is intended to have specific implications for U.S. agricultural policy, it has a decidedly domestic scope, but clearly many of the issues have application abroad. For each of the papers and topics included in this volume, individuals have been selected to give the strongest and broadest possible treatment of each facet of the problem. The result is this comprehensive reference book on the economics of agricultural risk.

Dynamics of Industry Growth

Author : Jati Sengupta
Publisher : Springer Science & Business Media
ISBN 13 : 1461438527
Total Pages : 182 pages
Book Rating : 4.4/5 (614 download)

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Book Synopsis Dynamics of Industry Growth by : Jati Sengupta

Download or read book Dynamics of Industry Growth written by Jati Sengupta and published by Springer Science & Business Media. This book was released on 2012-05-02 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic growth of a country depends on its industries. The focus of modern growth theory is basically macroeconomics, although neoclassical models use competitive markets and the optimization behavior of households and firms in general equilibrium framework. The emphasis here is on industry growth, where the microfoundations of industry are analyzed in terms of economic efficiency. The various linkages which link firm growth with the industry growth are discerned here under various market structures both competitive and monopolistic. The role of information in facilitating market signals and allowing the adoption of new processes has been especially emphasized in this volume. Many issues of market failure and the suboptimality of competitive equilibria are due to incomplete and imperfect information structures and we need a comprehensive theory of information structures underlying the process of industry growth and its dynamics. This book will be of interest to economists studying economic and industry growth and innovation.

Intermediate Microeconomics

Author : Patrick M. Emerson
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (123 download)

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Book Synopsis Intermediate Microeconomics by : Patrick M. Emerson

Download or read book Intermediate Microeconomics written by Patrick M. Emerson and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Uncertainty and Unemployment

Author : Sangyup Choi
Publisher : International Monetary Fund
ISBN 13 : 1498356303
Total Pages : 26 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Uncertainty and Unemployment by : Sangyup Choi

Download or read book Uncertainty and Unemployment written by Sangyup Choi and published by International Monetary Fund. This book was released on 2015-02-23 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the role of uncertainty shocks in explaining unemployment dynamics, separating out the role of aggregate and sectoral channels. Using S&P500 data from the first quarter of 1957 to third quarter of 2014, we construct separate indices to measure aggregate and sectoral uncertainty and compare their effects on the unemployment rate in a standard macroeconomic vector autoregressive (VAR) model. We find that aggregate uncertainty leads to an immediate increase in unemployment, with the impact dissipating within a year. In contrast, sectoral uncertainty has a long-lived impact on unemployment, with the peak impact occurring after two years. The results are consistent with a view that the impact of aggregate uncertainty occurs through a “wait-and-see” mechanism while increased sectoral uncertainty raises unemployment by requiring greater reallocation across sectors.

The Journal of Industrial Economics

Author :
Publisher :
ISBN 13 :
Total Pages : 478 pages
Book Rating : 4.:/5 (43 download)

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Book Synopsis The Journal of Industrial Economics by :

Download or read book The Journal of Industrial Economics written by and published by . This book was released on 1988 with total page 478 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Journal was founded to promote and publish the analysis of modern industry. It publishes innovative work on industrial organization, functioning of markets, behaviour of firms and policy. It covers all areas of industrial economics including: organization of industry and applied oligopoly theory; product differentiation and technical change; theory of the firm and internal organization; regulation, monopoly, merger and technology policy.

Current Developments in the Interface: Economics, Econometrics, Mathematics

Author : Michiel Hazewinkel
Publisher : Springer Science & Business Media
ISBN 13 : 9400979339
Total Pages : 353 pages
Book Rating : 4.4/5 (9 download)

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Book Synopsis Current Developments in the Interface: Economics, Econometrics, Mathematics by : Michiel Hazewinkel

Download or read book Current Developments in the Interface: Economics, Econometrics, Mathematics written by Michiel Hazewinkel and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the Proceedings of a symposium that was held in Rotterdam from 12 to 15 January 1982 to celebrate the 25-th anniversary of the Econometric Institute of the Erasmus University. The subject of the symposium, developments in econometrics and related fields, was particularly appropriate for the occasion. In 25 years the research carried out at the Econometric Institute developed from the original seminal work in econometrics, carried out under the supervision of the first director H. Theil, to embrace related areas such as mathematical economics, operations research, systems theory and other branches of mathematics, statistics and probability theory. To review the state of the art in these areas, thirteen leading experts were invited to deliver a lecture at the symposium; their contributions form .the backbone of this book. Together, they illustrate the wide range and scope of the current scientific activity in these fields. The thirteen authoritative surveys should be of great value to researchers and students alike, who want to become acquainted with recent ideas, current trends and future developments in their chosen fields of interest. Each contribution is preceded by an introduction to the author and his work and followed by a summary of the discussion that followed the lecture. A special chapter is devoted to the history of the Econometric Institute.

Microeconomics for the Critical Mind

Author : Fabio Petri
Publisher : Springer Nature
ISBN 13 : 3030620700
Total Pages : 1395 pages
Book Rating : 4.0/5 (36 download)

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Book Synopsis Microeconomics for the Critical Mind by : Fabio Petri

Download or read book Microeconomics for the Critical Mind written by Fabio Petri and published by Springer Nature. This book was released on 2021 with total page 1395 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook explains comprehensively and in rigorous detail not only mainstream microeconomics, but also why many economists are dissatisfied with major aspects of it, and the alternative that they are exploring in response: the Classical-Keynesian-Kaleckian approach. This advanced yet user-friendly book allows readers to grasp the standard theory of consumers, firms, imperfect competition, general equilibrium, uncertainty, games and asymmetric information. Furthermore, it examines the classical approaches to value and income distribution advocated by Adam Smith, David Ricardo and Karl Marx, as well as Post-Keynesian pricing theory, and the microeconomics of variable capacity utilization. Using simple models, it highlights the analytical roots of the important differences between the marginal/neoclassical approach and the classical-Keynesian, critically examining the plausibility and reciprocal consistency of their assumptions. The book also addresses various microeconomic issues not generally included in advanced microeconomics textbooks, including differential land rent, joint-production long-period pricing, capital theory from Walras to the Cambridge debates, the foundations of aggregate production functions, the microeconomics of labor markets, and the long-period theory of wages. Lastly, it presents a unique re-evaluation of welfare economics. Intended for advanced undergraduate and graduate microeconomics courses, this textbook offers a comprehensive introduction to the various approaches and different schools of thought currently competing in the context of economic theory. It can also be used in courses on value and distribution, heterodox economics, and the history of economic analysis. In the present situation, characterized by scientific uncertainty and the co-existence of competing approaches, it will stimulate students to form their own opinion as to which approach appears more promising from a scientific standpoint.

General Equilibrium Theory

Author : Ross M. Starr
Publisher : Cambridge University Press
ISBN 13 : 9780521564731
Total Pages : 280 pages
Book Rating : 4.5/5 (647 download)

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Book Synopsis General Equilibrium Theory by : Ross M. Starr

Download or read book General Equilibrium Theory written by Ross M. Starr and published by Cambridge University Press. This book was released on 1997-07-13 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: General Equilibrium Theory: An Introduction treats the classic Arrow-Debreu general equilibrium model in a form accessible to graduate students and advanced undergraduates in economics and mathematics. Topics covered include mathematical preliminaries, households and firms, existence of general equilibrium, Pareto efficiency of general equilibrium, the First and Second Fundamental Theorems of Welfare Economics, the core and core convergences, future markets over time and contingent commodity markets under uncertainty. Demand, supply, and excess demand appear first as (point-valued) functions, then optionally as (set-valued) correspondences. The mathematics presented (with elementary proofs of the theorems) includes a real analysis, the Brouwer fixed point theorem, and separating and supporting hyperplane theorems. Optional chapters introduce the existence of equilibrium with set-valued supply and demand, the mathematics of upper and lower hemicontinuous correspondences, and the Kakutani fixed point theorem. The treatment emphasizes clarity and accessibility to the student through use of examples and intuition.

Competition and Growth

Author : J. K. Sengupta
Publisher : Springer
ISBN 13 : 0230505317
Total Pages : 185 pages
Book Rating : 4.2/5 (35 download)

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Book Synopsis Competition and Growth by : J. K. Sengupta

Download or read book Competition and Growth written by J. K. Sengupta and published by Springer. This book was released on 2004-10-14 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jati K. Sengupta examines the market dynamics of the evolution of industry and the impact of new technology with R&D and knowledge capital. The book builds the theory of innovations in the contexts of the high-tech industries of today such as computing and telecommunications.

Selected Essays by Frank H. Knight, Volume 1

Author : Frank H. Knight
Publisher : University of Chicago Press
ISBN 13 : 9780226446950
Total Pages : 448 pages
Book Rating : 4.4/5 (469 download)

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Book Synopsis Selected Essays by Frank H. Knight, Volume 1 by : Frank H. Knight

Download or read book Selected Essays by Frank H. Knight, Volume 1 written by Frank H. Knight and published by University of Chicago Press. This book was released on 1999 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: Frank H. Knight (1885-1972) was a central figure—many say the dominant influence—in the development of the "Chicago School of Economics" at the University of Chicago in the 1930s and 1940s, where he taught future Nobel laureates Milton Friedman, James Buchanan, George Stigler, and many other notable scholars. It was Knight's embedded skepticism about the reach of economic knowledge that set the stage for the laissez-faire economics that matured at the University in the 1950s and 1960s. But as important as Knight's technical economic contributions were, he never strayed far from his broad philosophical interests and concern for the state of modern liberal democracy. Ross B. Emmett's selection of Knight's essays is the first to offer a comprehensive picture of the work of this notable social scientist over the span of his career. Included are not only Knight's most influential writings, but also a number of uncollected papers which have not previously been widely accessible. These essays illustrate Knight's views on the central debates regarding economics, social science, ethics, education, and modern liberalism. Volume 1: "What is Truth" in Economics? contains fifteen of Knight's papers up through 1940. Volume 2: Laissez Faire: Pro and Con includes fourteen of Knight's papers from 1940 through 1967, including "Socialism: The Nature of the Problem" and "The Sickness of Liberal Society." These twenty-nine essays together stand not only as a monument to one of economics' most significant and original thinkers, but will also serve as an invaluable resource for economists, philosophers, and political scientists interested in the development of the western liberal tradition.