Cost, Uncertainty and Welfare - Frank Knight's Theory of Imperfect Competition (Paperback)

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.

General

Imprint:	Routledge
Country of origin:	United Kingdom
Series:	Routledge Revivals
Release date:	June 2020
First published:	1998
Authors:	Stephan John Nash
Format:	Paperback
Pages:	205
ISBN-13:	978-1-138-61120-7
Categories:	Books > Social sciences > Sociology, social studies > Social institutions > General Books > Social sciences > Sociology, social studies > Social issues > General
LSN:	1-138-61120-4
Barcode:	9781138611207

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