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- W2504100469 abstract "This chapter discusses markets and uncertainty. The competitive price system can allocate uncertainties by enlarging the list of traded commodities to include goods distinguished by the state of nature. The state of nature influences the type and quantities of commodities that a producer can manufacture from his inputs. The general approach to marketing uncertainty was developed by Arrow and Debreu. The standard general equilibrium model changes only its interpretation of the component parts. The benefits of information are proportional to the scale of production, so the net result of increasing the scale of production is to justify more information. The provision of information can be extremely valuable to agents by expanding their degrees of freedom in allocating risk. However, to treat information as another commodity that markets will allocate is to ignore many difficulties. Measurement, inappropriateness, deception, non-convexities, monopoly—monopsony power and speculative behavior leads to inefficient use of informational resources." @default.
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- W2504100469 date "1983-01-01" @default.
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- W2504100469 title "MARKETS AND UNCERTAINTY" @default.
- W2504100469 doi "https://doi.org/10.1016/b978-0-444-86589-2.50010-8" @default.
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