The Economics of Uncertainty. (PSME-2), Volume 2 / / Karl Hendrik Borch.

• Superior document: Title is part of eBook package: De Gruyter Princeton Legacy Lib. eBook Package 1931-1979
• VerfasserIn: Borch, Karl Hendrik,
• Place / Publishing House: Princeton, NJ : : Princeton University Press, , [2015]; ©1968
• Year of Publication: 2015
• Language: English
• Series: Princeton Studies in Mathematical Economics ; 2084
• Physical Description: 1 online resource (236 p.)

Game theory has brought into economics an uncertainty principle similar to the one brought into physics by the quantum theory. Professor Barch's main purpose in this book is to show how one can construct realistic economic theories by taking uncertainty into account instead of dismissing it. He brings together a number of recent developments in different fields of economics and other social sciences in which uncertainty and chance play a central role and shows that they really constitute an entity. These developments include the revisions of utility, the introduction of game theory as a basic tool, and the view of the foundations of probability theory adopted by modern Bayesian statisticians.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.

Table of Contents

Frontmatter -- Preface -- Contents -- Chapter I. The Economics of Uncertainty -- Chapter II. Economic Decisions under Uncertainty -- Chapter III. The Bernoulli Principle -- Chapter IV. Applications of the Bernoulli Principle Some Illustrations -- Chapter V. Portfolio Selection -- Chapter VI. The Bernoulli Principle- Observations and Experiments -- Chapter VII. Decisions with Unknown Probabilities -- Chapter VIII. Market Equilibrium under Uncertainty -- Chapter IX. The Two-person Zero-sum Game -- Chapter X. The General Two-person Game -- Chapter XI. Elements of the General Game Theory -- Chapter XII. The Objectives of the Firm -- Chapter XIII. Survival and the Objectives of the Firm -- Chapter XIV. Credibility and Subjective Probabilities -- Chapter XV. Group Decisions -- Index