Leseprobe
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The Economics of Uncertainty. (PSME-2), Volume 2
Karl Hendrik Borch
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Sozialwissenschaften, Recht, Wirtschaft / Wirtschaft
Beschreibung
Game theory has brought into economics an uncertainty principle similar to the one brought into physics by the quantum theory. Professor Barch's main purpose in this book is to show how one can construct realistic economic theories by taking uncertainty into account instead of dismissing it. He brings together a number of recent developments in different fields of economics and other social sciences in which uncertainty and chance play a central role and shows that they really constitute an entity. These developments include the revisions of utility, the introduction of game theory as a basic tool, and the view of the foundations of probability theory adopted by modern Bayesian statisticians.
Originally published in 1968.
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Trade-off, Decision theory, Share price, Bayesian probability, Arrow's impossibility theorem, Econometrica, Expected utility hypothesis, Probability, Uncertainty, Competitive equilibrium, Dividend, Decision problem, Stochastic process, Utility, Marginal utility, Preferred stock, Decision rule, Inventory theory, Working hypothesis, Probability distribution, Experimental economics, Weighted arithmetic mean, Investment Objective, Probability theory, Dividend policy, Rational choice theory, Payment, Scarcity value, Output (economics), Economic problem, Preference (economics), Economic Life, Economics, Risk aversion, Demand curve, Foundations of statistics, Indifference curve, Shapley value, Homo economicus, Premium Bond, Quantity, Market mechanism, Calculation, Good (economics), Pareto efficiency, Integral equation, Mathematical optimization, Market price, Voting paradox, Theory of Games and Economic Behavior, Economic equilibrium, Bargaining problem, Law of demand, Strategy (game theory), Commodity, Investment strategy, Result, Minimax theorem, Characteristic function (probability theory), Behavioral economics, Production function, Decision-making, Countermove, St. Petersburg paradox, Economist, Security (finance), Expected value, Market (economics), Markov chain, Supply (economics)