Cost, Uncertainty and Welfare (Heftet)

Frank Knight's Theory of Imperfect Competition

Serie: Routledge Revivals 


Innbinding: Heftet
Utgivelsesår: 2020
Antall sider: 205
Forlag: Taylor & Francis Ltd
Språk: Engelsk
ISBN/EAN: 9781138611207
Omtale Cost, Uncertainty and Welfare
First published in 1998. This work contributes to the discussion of Knight by showing that uncertainty broadens the conception of economic welfare, and that a new cost analysis holds the key to unlocking the Knightian corpus. It develops Knight's suggestion that uncertainty-control costs can be reduced - arguing that the large firm enjoys economic rent from utilizing its dominant vantage point in the market. The author demonstrates that while Knight provides the intellectual stimulus which propelled Chamberlin's thesis of monopolistic competition, Chamberlin uses a very abstract form of uncertainty in his analysis.

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