Essays on Economic Decisions under Uncertainty

Jacques Drèze

doi:10.1017/CBO9780511559464

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.

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Essays on Economic Decisions under Uncertainty

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Contents

Frontmatter
pp i-iv

Contents
pp v-xiv

Acknowledgements
pp xv-xvi

Foreword
pp xvii-xxviii

I - Decision-making under uncertainty: general theory
pp 1-2

1 - Axiomatic theories of choice, cardinal utility and subjective probability: a review
pp 3-22

2 - Decision theory with moral hazard and statedependent preferences
pp 23-89

3 - Logical foundations of cardinal utility and subjective probability
pp 90-104

4 - A paradox in information theory
pp 105-112

5 - Inferring risk tolerance from deductibles in insurance contracts
pp 113-116

II - Markets and prices
pp 117-118

6 - Market allocation under uncertainty
pp 119-143

7 - Demand estimation, risk aversion and sticky prices
pp 144-150

III - Consumer decisions
pp 151-152

8 - State-dependent utility, the demand for insurance and the value of safety
pp 153-181

9 - Consumption decisions under uncertainty
pp 182-212

10 - Earnings, assets and savings: a model of interdependent choice
pp 213-220

IV - Producer decisions
pp 221-222

11 - Demand fluctuations, capacity utilisation and prices
pp 223-233

12 - Demand fluctuations, capacity utilisation and costs
pp 234-249

13 - On industry equilibrium under uncertainty
pp 250-258

V - Theory of the firm
pp 259-260

14 - Investment under private ownership: optimality, equilibrium and stability
pp 261-297

15 - Decision criteria for business firms
pp 298-320

16 - (Uncertainty and) the firm in general equilibrium theory
pp 321-344

IV - Human capital and labour contracts
pp 345-346

17 - Human capital and risk-bearing
pp 347-365

18 - Some theory of labour management and participation
pp 366-382

VII - Public decisions
pp 383-384

19 - Pricing, spending and gambling rules for non-profit organisations
pp 385-400

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Essays on Economic Decisions under Uncertainty

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