Synopses & Reviews
Justification of the state-contingent approach to the economics of uncertainty.
Review
'... tremendous scope of achievement in this signal contribution to the literature ... I would be remiss in doing other than recommend that Journal readers join me in treasuring this book in their library.' The Australian Journal of Agricultural and Resource Economics
Table of Contents
1. States of nature; 2. State-contingent production; 3. Risk aversion, preferences, and probability; 4. Indirect and dual representations of stochastic technologies; 5. State-contingent production: the theory; 6. Production with futures and forward markets; 7. Production insurance; 8. Production and non point source pollution regulation; 9. The moral hazard problem; 10. Endogenous reservation utility: agency and exploitation.