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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