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Cost, Uncertainty and Welfare

Frank Knight's Theory of Imperfect Competition

Cover Cost, Uncertainty and Welfare
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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 ...
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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.

Cover Cost, Uncertainty and Welfare
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Veröffentlicht 2018, von Stephan John Nash bei Taylor and Francis

ISBN: 978-0-429-87319-5
Reihe: Routledge Revivals
205 Seiten

Über Stephan John Nash

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