The Theory of Price Uncertainty, Production, and Profit / / Clement Allan Tisdell.

• Superior document: Title is part of eBook package: De Gruyter Princeton Legacy Lib. eBook Package 1931-1979
• VerfasserIn: Tisdell, Clement Allan,
• Place / Publishing House: Princeton, NJ : : Princeton University Press, , [2015]; ©1968
• Year of Publication: 2015
• Language: English
• Series: Princeton Legacy Library ; 2002
• Physical Description: 1 online resource (208 p.)

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.

Table of 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