Equilibrium and Uncertainty
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Equilibrium and Uncertainty by Majumdar Mukul

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Published by Routledge .
Written in English

Book details:

Edition Notes

Routledge Frontiers of Political Economy

The Physical Object
Number of Pages256
ID Numbers
Open LibraryOL7495194M
ISBN 100415701937
ISBN 109780415701938

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Temporary Competitive Equilibrium Under Uncertainty. *immediately available upon purchase as print book shipments may be delayed due to the COVID crisis. ebook access is temporary and does not include ownership of the ebook. Only valid for books with an ebook version. Springer Reference Works and instructor copies are not included.   The book begins by analysing money, banks and finance as dynamic phenomena, followed by chapters focusing on methodological themes such as uncertainty, longer-term issues, sustainability and other non-monetary economic activities. This chapter discusses the troublesome relation between equilibrium and uncertainty because these two words are Author: Bert Tieben. This book is divided into four sections— natural resources, uncertainty, general equilibrium systems, and policy and applications. In these sections, this text specifically discusses the resource depletion with technological uncertainty and the Rawlsian fairness principle; monopoly, uncertainty, and exploration; and price discrimination under. This book discusses ho uncertainty affects both individual behavior and standard equilibrium theory. Organized into three parts encompassing 30 chapters, this book begins with an overview of the relevance of expected utility maximization for positive and normative theories of individual choice.

There is a considerable overlap between general equilibrium theory with incomplete markets (GEI), finance and macroeconomic theory, which sterns from the considerations of time and uncertainty, as can be seen from the splendid textbooks by LeRoy and Werner [], Pliska [] and the seminal work on GEI by Magill and Quinzee [], in partic. Uncertainty aversion and equilibrium Book section Original citation: Rothe, Jorn () Uncertainty aversion and equilibrium. In: Petrosyan, Leon A. and Zenkevich, Nikolay A., (eds.) Contributions to game theory and management, vol II: The Second International Conference Game Theory and Management. Contributions to game theory and. In this book, Knight explains why perfect competition would not necessarily eliminate profits, because of "uncertainty," rather than "risk." He contends that even in long-run equilibrium, entrepreneurs would earn profits as a return for their toleration of uncertainty. Exercise Book Exercises: The Basics of Demand Theory Exercises and Solutions: The Walrasian Model and Equilibrium Equilibrium and Efficiency in the Presence of Uncertainty Exercises and Solutions: The Core and the Utility Frontier.

  EQUILIBRIUM is a lovely story that sucked me in from the very first pages, the kind of book I found myself thinking about even when I wasn't reading. I was continuously longing to find the time to read when I didn't have the time - a page here, a chapter there, because I couldn't wait to find out what was happening in the lives of Laura and /5(67).   This book provides a clear and comprehensive analysis of the efficiency properties of general equilibrium, with many agents and an expanded list of commodities. It will be of particular interest to postgraduate and doctorate students of economic theory as well as scholars on Walrasian equilibrium, Pareto optimality and uncertainty theories. extreme uncertainty aversion of the rational players, we formulate an equi-librium concept on the basis of Choquet expected utility theory. Equilibrium reasoning is thus only applied on the equilibrium path, maximin reasoning applies ofi the equilibrium path. The equilibrium path itself is . Equilibrium and uncertainty In chapter X of Value and Capital, Hicks distinguished two senses of equilibrium: (1) temporary equilibrium, in which at a given date supply equals demand, and (2) equilibrium over time, which he defined by the "condition that prices realized on (each date) are the same as those which were previously expected to rule.