The Economics of Risk and Time
Uncertainty is everywhere. There is no field in economics in which risk is not a dimension of the decision-making environment. The theory of finance provides the most obvious example of uncertainty in decision making. Similarly most recent developments in macroeconomics have been made possible by re...
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| Định dạng: | Sách |
| Ngôn ngữ: | English |
| Được phát hành: |
MIT Press
2012
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| Những chủ đề: | |
| Truy cập trực tuyến: | http://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/30567 |
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| Thư viện lưu trữ: | Thư viện Trường Đại học Đà Lạt |
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| Tóm tắt: | Uncertainty is everywhere. There is no field in economics in which risk is not a dimension of the decision-making environment. The theory of finance provides the most obvious example of uncertainty in decision making. Similarly most recent developments in macroeconomics have been made possible by recognizing the importance of risk in explaining individual decisions. Consumption patterns, investments, and labor decisions can only be understood completely if uncertainty is taken into account into the decision-making process. Environmental economics provides another illustration. Public opinion is now very sensitive to the presence of potentially catastrophic risks related, for example, to the greenhouse effect and genetic manipulations. Environmental economists have introduced probabilistic scenarios in their models to exhibit socially efficient levels of prevention efforts. Finally, the extraordinary contributions of asymmetric information to game theory have reinforced interest in uncertainty among economists. |
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