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Uncertainty in economics: readings and exercises

Author: Diamond, Peter A. ; Rothschild, Michael Series: Economic theory and mathematical economics Publisher: Academic Press, 1978.Language: EnglishDescription: xi, 556 p ; 24 cm.ISBN: 0122148509Type of document: BookNote: Includes bibliographies
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HB615 .U55 1978
(Browse shelf)
Available 001085988
Total holds: 0

Includes bibliographies


Uncertainty in Economics Readings and Exercises Contents xi I. I. INDIVIDUAL CHOICE IN A STATIC SETTING J. S. Tamer-in and H. L. P. Resnik. Risk taking by individual option-Case study-Cigarette smoking. in "Perspectives on Benefit Risk Decision Making." pp. 73-84. Washington. D.C.: National Academy of Engineering. 1972 4. Tversky and D. Kahneman, Judgment under uncertainty: Heuristics and biases. Science 185 (1974). 1124-1131 J. H. Drèze. Axiomatic theories of choice. cardinal utility and subjective probability: A review. in "Allocation under Uncertainty: Equilibrium and Optimality," (J. Drèze. ed.). pp. 3-23. New York and Toronto: Wiley. 1974 J. W. Pratt. Risk aversion in the small and in the large, Econometrica 32 (1964). 122-136 Exercise on demand for insurance M. E. Yaari. Some remarks on measures of risk aversion and their uses. Journal of Economic Theory 1 (1969), 315-329 M. Rothschild and J. E. Stiglitz. Increasing risk I: A definition. Journal of Economic Theory 2 (1970), 225-243 Comment 3 17 2. 3. 35 59 4. 5. 6. 81 99 123 7. Notes and exercises on increasing risk 8. H. E. Leland, Savings and uncertainty: The precautionary demand for saving. Quarterly Journal of Economics 82 (1968), 465-473 Exercise on savings under uncertainty 9. Two omitted topics: Mean-variance analysis and the expected value of information 10. T. J. Rothenberg and K. R. Smith, The effect of uncertainty on resource allocation, Quarterly Journal of Economics 85 (1971), 440-453. (part of the article is omitted) II. GENERAL EQUILIBRIUM IN A STATIC SETTING II. G. Debreu. "Theory of Value," Chapter 7. pp. 98-102. New York: Wiley. 1959 References Exercise on equilibrium prices and consumption Comment 141 143 163 12. R. Radner, Competitive equilibrium under uncertainty, Econometrica 36 (1968), 31-58 Comment P. Diamond. The role of a stock market in a general equilibrium model with technological uncertainty, American Economic Review 57 (1967). 759-773 (appendix omitted) Comment I75 13. 209 231 235 253 14. Exercise on uniform pricing 15. G. Akerlof, The market for lemons: Qualitative uncertainty and the market mechanism, Quarterly Journal of Economics 84 (1970). 488-500 Comment 16. Notes and exercises on the use of imperfect information 17. M. Rothschild and J. Stiglitz. Equilibrium in competitive insurance markets: An essay on the economics of imperfect information. Quarterly Journal of Economics 90 (1976), 629-650 Comment M. Spence, Job market signaling, Quarterly Journal of Economics 87 (1973), 355-374 Exercise: A signaling equilibrium with a continuum of skill classes Comment 257 18. 281 19. M.V. Pauly, Overinsurance and public provision of insurance: The roles of moral hazard and adverse selection, Quarterly Journal of Economics 88 (1974), 44-54 Exercises on optimal insurance Comment 20. M. Spence and R. Zeckhauser. Insurance, information, and individual action, American Economic Review 61 (1971). 380-387 Comment K. J. Arrow, Uncertainty and the welfare economics of medical care, American Economic Review 53 (1963), 941-969 (appendix omitted) S. Cheung, Transaction costs, risk aversion, and the choice of contractual arrangements, Journal of Law and Economics 12 (1969). 23-42 Comment Two omitted topics: Product liability and workers' compensation K. J. Arrow and R. Lind. Uncertainty and the evaluation of public investments. American Economic Review 60 (1970), 364-378 Comment 307 333 21. 22. 345 377 401 403 23. 24. III. 25. SEQUENTIAL CHOICE AND EQUILIBRIUM WITH LIMITED INFORMATION 425 455 M. Rothschild, Searching for the lowest price when the distribution of prices is unknown, Journal of Political Economy 82 (1974), 689-711. Exercises on search rules 26. Central planning, monopoly, duopoly 27. M. Rothschild, Models of market organization with imperfect information: A survey. Journal of Political Economy 81 (1973). 1283-1308 Comment Exercise on information and prices G. Butters, Equilibrium distributions of sales and advertising prices, Review of Economic Studies (appendix omitted) Vol. XLIV (3), (1977). 465-491 R. Lucas, Jr.. and E. Prescott. Equilibrium search and unemployment. Journal of Economic Theory 7 (1974), 188-209 Comment J. Hirshleifer. The private and social value of information and the reward to inventive activity. American Economic Review 61 (1971), 561-574 459 28. 29. 493 515 30. 541

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