toggle visibility Search & Display Options

Select All    Deselect All
 |   | 
  Record Links
Author (up) Angelova, D. url  openurl
  Title The state-contingent approach to production and choice under uncertainty: usefulness as a basis for economic modeling Type Report
  Year 2014 Publication FACCE MACSUR Reports Abbreviated Journal FACCE MACSUR Rep.  
  Volume 3 Issue Pages Sp3-8  
  Abstract The state-contingent approach developed by Chambers and Quiggin (2000) constitutes an attractive blend of a theory of production analysis under uncertainty and a theory of decision-making under uncertainty.One of the goals of this contribution is to introduce the reader to the approach by outlining its contents while comparing and contrasting it to related theories. With respect to production analysis: an emphasis is made on the ability of the approach to deliver well defined cost functions corresponding to stochastic production technologies. With respect to decision-making under uncertainty: the comparison with other theories consistent with a rational agent emphasizes the production theoretical basis of the state-contingent approach.It is the author’s belief that appropriately categorizing the state-contingent approach serves the primary goal of this work: to explore its usefulness as a basis for economic modeling. Some challenges regarding an empirical implementation are discussed: challenges in estimating the parameters of a state-contingent technology representation in general, as well as challenges arising from the fact that the approach is constructed around the argument pioneered by Leonard J Savage: that probabilities underlying economic decision-making are inherently subjective.(The financial support of ScienceCampus Halle is gratefully acknowledged.) No Label  
  Corporate Author Thesis  
  Publisher Place of Publication Editor  
  Language Summary Language Original Title  
  Series Editor Series Title FACCE MACSUR Reports Abbreviated Series Title  
  Series Volume 3 Series Issue Edition  
  ISSN ISBN Medium  
  Area Expedition Conference  
  Notes Approved no  
  Call Number MA @ admin @ Serial 2225  
Permanent link to this record
Select All    Deselect All
 |   | 

Save Citations:
Export Records: