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Uncertainty, Production, Choice, and Agency


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Table of Contents

1. States of nature; 2. State-contingent production; 3. Risk aversion, preferences, and probability; 4. Indirect and dual representations of stochastic technologies; 5. State-contingent production: the theory; 6. Production with futures and forward markets; 7. Production insurance; 8. Production and non point source pollution regulation; 9. The moral hazard problem; 10. Endogenous reservation utility: agency and exploitation.

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This book presents a justification of the state-contingent approach to the economics of uncertainty.


'... tremendous scope of achievement in this signal contribution to the literature ... I would be remiss in doing other than recommend that Journal readers join me in treasuring this book in their library.' The Australian Journal of Agricultural and Resource Economics

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