|
Books > Business & Economics > Economics > Economic theory & philosophy
|
Buy Now
Economic Decisions Under Uncertainty (Paperback, 2nd ed. 1989)
Loot Price: R1,745
Discovery Miles 17 450
|
|
|
Economic Decisions Under Uncertainty (Paperback, 2nd ed. 1989)
Expected to ship within 10 - 15 working days
|
The Fundamental Issues Involved Why do we need a theory of
uncertainty? It is a fact that almost all man's economic decisions
are made under conditions of uncertainty, but this fact alone does
not provide a strong enough argument for making the effort
necessary to generalize ordinary preference theory designed for a
world of perfect certainty. In accordance with Occam's Razor, the
mathematician may well welcome a generalization of assumptions even
if it does not promise more than a restatement of known results.
The economist, however, will only be well disposed towards making
the effort if he can expect to achieve new insights and interesting
results, for he is interested in the techniques necessary for the
generalization only as means to an end, not as ends in themselves.
A stronger reason for developing a theory of uncertainty,
therefore, seems to be the fact that there are kinds of economic
activities to which the non-stochastic preference theory has no
access or has access only through highly artificial constructions.
Such activities include portfolio decisions of wealth holders,
speculation, and insurance. These will be considered in detail in
the last chapter of the book. The main purpose of this book,
however, is not to apply a theory of uncertainty to concrete
economic problems, the purpose rather is to formulate such a
theory.
General
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
No reviews yet - be the first to create one!
|
You might also like..
|
Email address subscribed successfully.
A activation email has been sent to you.
Please click the link in that email to activate your subscription.
Welcome to Loot.co.za!
Sign in / Register |Wishlists & Gift Vouchers |Help | Advanced search
(1)
(6)
