Ebook: Essays on Economic Behavior Under Uncertainty

"In addition to an introductory essay, this volume is roughly divided into three parts. Part 1 comprises two papers that deal with the conceptual development of the conditional expected utility framework. Part 2 includes five papers on various micro-aspects of behavior under uncertainty. The five papers in part 3 are concerned with welfare economics and general equilibrium. The last paper, as indicated by its title, was originally a comment on the Kesten—Stigum paper. Since it also provides an excellent discussion on uncertainty and on the problem of modeling an appropriate equilibrium concept, we felt that by making it the last paper, it would also serve as a concluding remark for the volume."