ENGLISH

Cost, Uncertainty and Welfare: Frank Knight's Theory of Imperfect Competition

By Stephan John Nash

Book information

Publisher
Routledge
Year
2018
ISBN
0429873182, 9780429873188
Language
english
Format
EPUB
Filesize
630 kB (644740 bytes)
Pages
213\0
Time added
2023-04-09 07:28:03

Description

First published in 1998. This work contributes to the discussion of Knight by showing that uncertainty broadens the conception of economic welfare, and that a new cost analysis holds the key to unlocking the Knightian corpus. It develops Knight's suggestion that uncertainty-control costs can be reduced - arguing that the large firm enjoys economic rent from utilizing its dominant vantage point in the market. The author demonstrates that while Knight provides the intellectual stimulus which propelled Chamberlin's thesis of monopolistic competition, Chamberlin uses a very abstract form of uncertainty in his analysis.

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