Description
Book SynopsisWhat impact do random events have on individuals? How do they adapt to living in an uncertain, stochastic environment?
Risk and Uncertainty in Economics pays tribute to the significant contribution made by James L. Ford to our understanding of these questions.
In keeping with Professor Ford’s own research interests, the essays in this volume include relevant, up-to-date research on a wide range of issues. Contributions by Michael Driscoll, Marcus Miller, David Peel and Somnath Sen consider the macroeconomic impact of risk and uncertainty. Colin Dodds, Atul Dar, Andrew Mullineux, Mansoob Murshed and David Dickinson evaluate various implications of risk and uncertainty for financial markets. John Hey, the late George Shackle, Prasanta Pattanaik and Richard Barrett contribute papers on decision making under risk and uncertainty, while Peter Phillips presents some new statistical results on the Dirichlet distribution.
This book will be of interest to all economists who want to understand the importance of analysing the impact of risk and uncertainty in economics.
Table of ContentsThe imagined deemed possible - the germ of the process of history, George Shackle; a wider perspective, John Hey; decision making under complete uncertainty, Richard Barrett and Prasanta Pattanaik; the characteristic function of the Dirichlet and multivariate F distributions, Peter Phillips; bank regulation, uncertainty and business cycles, Andrew Mullineux; uncertainty and monetary policy, Michael Driscoll; precautionary reserves and holding period uncertainty, David Dickinson; the demand for policy loans - an empirical analysis with quarterly Canadian data, Colin Dodds and Atul Dar; testing for market efficiency, David Peel; double moral hazard, buy-back and the debt crisis, Mansoob Murshed; forward-looking behaviour, asset prices and macroeconomic policy, Marcus Miller; monetary neutrality and non-neutrality in disequilibrium models, Somnath Sen.
