The theory of price uncertainty, production, and profit / Clement Allan Tisdell.

Format:

Book

Author/Creator:

Tisdell, C. A. (Clement Allan), author.

Series:

Princeton legacy library.

Princeton Legacy Library

Language:

English

Subjects (All):

Decision making--Mathematical models.

Decision making.

Prices--Mathematical models.

Prices.

Profit.

Physical Description:

1 online resource (208 p.)

Place of Publication:

Princeton, New Jersey : Princeton University Press, 1968.

Language Note:

In English.

Summary:

Firms and farmers, under pure competition, must make production decisions in the face of price uncertainty. The author has integrated diverse theories of behavior under uncertainty to provide a new framework for his mathematical analysis of the impact of price uncertainty on the behavior of the firm. Drawing upon the work of Knight, Hicks, von Neumann, and Morgenstern, he develops a schema that accounts for a greater diversity of behavior than do existing theories, yet one which yields simple economic theorems of practical value. The conclusions he draws apply to both socialist and capitalist economics.Originally published in 1968.The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Contents:

Frontmatter

Preface

Contents

CHAPTER I. Introduction and Outline

CHAPTER II. Some Theories of Decision-Making

CHAPTER III. Static Production Decisions

CHAPTER IV. Static Plans and Dissimilar Production Combinations

CHAPTER V. Some Influences of Price Uncertainty and Price Instability Upon the Firm's Average Profit

APPENDIX TO CHAPTER V. Average Profit and a General Cost Model

CHAPTER VI. Flexibility, Average Profit, and Technique Choice

CHAPTER VII. Dynamic Decision-Making, Average Profit, and Technique Choice

CHAPTER VIII. Price Uncertainty and Industry Profit

CHAPTER IX. Errors, Aggregate Output, and Forward Prices

CHAPTER X. On Dynamic Strands and Other Aspects of the Analysis

APPENDIX I. A Brief Note on the Introduction of Inventories into the Analysis

Bibliography

Index

Notes:

Description based upon print version of record.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 08. Jul 2019)

Description based on print version record.

Inludes bibliographical references and index.

ISBN:

1-4008-7633-8

OCLC:

967523665