Essays on Economic Behavior Under Uncertainty

- Preface
- List of contributors
1. "Chapter 1. Some Introductory Remarks On Behavior Under Uncertainty", M. Balch and S. Wu
1.1. Introduction
1.2. Behavioral determinants
1.3. Structural responses to uncertainty
Part 1
2. "Chapter 2. On The Foundations Of Decision Making Under Uncertainty", Peter C. Fishburn
2.1. Introduction
2.2. Act-event pairs
2.3. Extraneous probabilities and mixture sets
2.4. The basic model
2.5. Finitely additive probability measures
2.6. Measurable and bounded conditional acts
- Comments: "On recent developments in subjective expected utility", Michael Balch
3. "Chapter 3. Subjective Expected Utility For Conditional Primitives", Michael Balch and Peter C. Fishburn
3.1. Introduction
3.2. Theory core
3.3. Theory closure
- Comments:
-- "The interpretation of conditional expected-utility theories", David H. Krantz and R. Duncan Luce
-- "Frameworks for preference", Richard C. Jeffrey
-- "Remarks on ‘Subjective expected utility for conditional primitives’", Ethan D. Bolker
-- "Some comments on some axioms for decision making under uncertainty", John W. Pratt
-- Reply to comments
Part 2
4. "Chapter 4. Ventures, Bets And Initial Prospects", Clifford Hildreth
4.1 Introduction
4.2 Utility of gain
4.3 A possible decomposition
4.4 One-dimensional families of ventures
4.5 Bets
4.6 To bet or not to bet
4.7 Example I: a specialty crop
4.8 Example II: a merchant
4.9 Example III: a patient
4.10. Example IV: fixed money income
- Comments:
-- "On ‘Ventures, bets and initial prospects’", James C. Hickman
-- "On some facets of betting", Daniel McFadden
5. "Chapter 5. Stochastic Dominance In Choice Under Uncertainty", Josef Hadar and William Russell
5.1. Introduction
5.2. Basic definitions and properties
5.3. Stochastic dominance and preference
5.4. Applications
5.5. Conclusion
- Comments:
-- "On ‘Stochastic dominance in choice under uncertainty’", Koichi Hamada
-- "On ‘Stochastic dominance in choice under uncertainty’", Gerald L. Nordquist
6. "Chapter 6. Consumption And Portfolio Choices With Transaction Costs", Robin Mukherjee and Edward Zabel
6.1. Introduction
6.2. A model of consumption and portfolio choice
6.3. Fixed transaction cost — portfolio choice
6.4. Fixed transaction cost — the consumption policy
6.5. Conclusions
6.6 Appendix: An alternative formulation of the fixed transaction cost model
- Comments:
-- "On ‘Consumption and portfolio choices with transaction costs’", Hayne E. Leland
-- "On consumer consumption and portfolio decisions with transactions costs", Stephen A. Ross
7. "Chapter 7. The Economics Of Queues: A Brief Survey", David Levhari and Eytan Sheshinski
7.1. Introduction
7.2. The Naor model
7.3. Optimum bribing model
7.4. Optimization in queues without priorities
7.5. Queues with priorities
- Comments: "On ‘The economics of queues: a brief survey’", Warren J. Boe
8. "Chapter 8. On The Economic Theory Of Agency And The Principle Of Similarity", Stephen A. Ross
8.1. Introduction
8.2. Basic problem
8.3. Similarity, efficiency, and linearity
8.4. Properties of fee schedule under similarity
8.5. Properties of fee schedule under efficiency
8.6. Conclusion
8.7. Appendix
- Comments: "On the theory of economic agency", Leonard Mirman
Part 3
9. "Chapter 9. Notes On Welfare Economics, Information And Uncertainty", J. A. Mirrlees
9.1. Introduction
9.2. Redistribution and risk-taking
9.3. The characterization of households
9.4. The consumer’s information
9.5 Appendix
- Comments: "Notes on welfare economics, information and uncertainty", Peter Diamond
10. "Chapter 10. Preexisting Contracts And Temporary General Equilibrium", Jerry Green
10.1. Introduction
10.2. Previous work on preexisting contracts
10.3. Codes of conduct and non-economic penalties in general equilibrium models
10.4. The model
10.5. Individual behavior
10.6. Equilibrium
10.7. Conclusion
- Comments:
-- "On preexisting contracts and temporary equilibria", Bernt P. Stigum
-- Reply to comments
11. "Chapter 11. Competitive Resource Allocation Over Time Under Uncertainty", Bernt P. Stigum
11.1. Introduction
11.2. Statement of results
11.3. Conclusion
11.4. Appendix: Proofs of theorems 11.1—11.4
- Comments: "On sequences of temporary equilibrium", John O. Ledyard
12. "Chapter 12. Balanced Growth Under Uncertainty In Decomposable Economies", Harry Kesten and Bernt P. Stigum
12.1. Introduction and statement of results
12.2. Auxiliary lemmas
12.3. A basic convergence theorem
12.4. Proofs of theorems 12.1 and 12.2
- Comments:
-- "Balanced growth under uncertainty in decomposable economies", Roy Radner
-- "On the application spectrum for the Kesten—Stigum theory", Michael Balch
13. "Chapter 13. The Kesten-Stigum Model And The Treatment Of Uncertainty In Equilibrium Theory", Mordecai Kurz
13.1. Introduction
13.2. Review of the Kesten—Stigum theory
13.3. Exogenous vs. endogenous uncertainties
13.4. Endogenous uncertainty and its consequences
13.5. Uncertainty and expectations: a search for a new equilibrium concept
- Bibliography
- Appendix
- Author Index
- Subject Index