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Production and decision theory under uncertainty

Author: Karl Aiginger
Publisher: Oxford [Oxfordshire] ; New York, NY, USA : B. Blackwell, 1987.
Series: Uncertainty and expectations in economics.
Edition/Format:   Print book : EnglishView all editions and formats
Summary:

Looks at whether firms produce and invest more, the same or less under conditions of uncertainty. Four theories are used to assess the impact of uncertainty on production - risk attitude, cost and  Read more...

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Document Type: Book
All Authors / Contributors: Karl Aiginger
ISBN: 0631147926 9780631147923
OCLC Number: 16526372
Description: xi, 222 pages : illustrations ; 24 cm.
Contents: Part 1 Introduction: the impact of uncertainty - a theoretical topic of high relevance for real world behaviour. Part 2 Theoretical: interpreting reported expectations as optimal decisions (actions) under uncertainty; expected utility maximization and its alternatives; general propositions on the influence of uncertainty on optimal decisions; the theory of firms under uncertainty (one period models for optimal output or price decisions); inventory models under uncertainty; the impact of uncertainty on the optimal choice of inputs; ex-post flexibility of production decisions; summing up the results of the theoretical models; decision theory and empirical evidence. Part 3 Empirical information on the relevance of the models and on the range of critical parameters: empirical evidence on the function of inventories (and order backlogs) under uncertainty; empirical evidence on whether prices are an action variable, a random variable or a relatively "stable" exogenous variable; towards a realistic description of the decision process in modern industrial society; the main findings of the book.
Series Title: Uncertainty and expectations in economics.
Responsibility: Karl Aiginger.

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