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	Author	Angelova, D.
	Title	The state-contingent approach to production and choice under uncertainty: usefulness as a basis for economic modeling			Type	Conference Article
	Year	2014	Publication		Abbreviated Journal
	Volume		Issue		Pages
	Keywords
	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.)
	Address
	Corporate Author				Thesis
	Publisher		Place of Publication		Editor
	Language		Summary Language		Original Title
	Series Editor		Series Title		Abbreviated Series Title	FACCE MACSUR Mid-term Scientific Conference
	Series Volume	3(S) Sassari, Italy	Series Issue		Edition
	ISSN		ISBN		Medium
	Area		Expedition		Conference	FACCE MACSUR Mid-term Scientific Conference, 2014-04-01 to 2014-04-04, Sassari, Italy
	Notes				Approved	no
	Call Number	MA @ admin @			Serial	5134
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