ENGLISH

The Economics of Uncertainty

By C. J. McKenna

Book information

Publisher
New York : Oxford University Press
Year
1986
ISBN
0195205251, 9780195205251
Language
english
Format
PDF
Filesize
6 MB (6272129 bytes)
Pages
129\152
Time added
2022-05-13 14:28:59

Description

The field of the economics of uncertainty and the economics of information has been growing in recent years, as many leading economists explore the importance of uncertainty in risk analysis. Established now as a key element of modern economic research, uncertainty is commonly regarded as an essential ingredient of economic analysis. The Economics of Uncertainty provides a clear, concise, and largely non-technical introduction to the subject that is suitable for use at all levels. McKenna outlines the broad issues and various techniques, and then considers applications to such topics as insurance, product quality, signalling, and the stock market. As the author demonstrates, accounting for risk in uncertainty not only means reexamining minor assumptions, but often requires a complete rethinking of many crucial questions about the functioning of the economy.

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