Competitive Agents in Certain and Uncertain Markets by Robert G Chambers

Competitive Agents in Certain and Uncertain Markets by Robert G Chambers

For all its elaborate theories and models, economics always reduces to comparisons. Should we build A rather than B? Will I be better off if I eat D rather than C? How much will it cost me to produce F instead of E? At root, the ultimate goal of economics is simple: assessing the alternatives and finding the best possible outcome. This basic mathematical concept underlies all introductions to the field of economics, yet as advanced students progress through the discipline, they often lose track of this foundational idea when presented with real-world complications and uncertainty. In Competitive Agents in Certain and Uncertain Markets, Robert G. Chambers develops an integrated analytic framework for treating consumer, producer, and market equilibrium analyses as special cases of a generic optimization problem. He builds on lessons learned by all beginning students of economics to show how basic concepts can still be applied even in complex and highly uncertain conditions. Drawing from optimization theory, Chambers demonstrates how the same unified mathematical framework applies to both stochastic and non-stochastic decision settings. The book borrows from both convex and variational analysis and gives special emphasis to differentiability, conjugacy theory, and Fenchel's Duality Theorem. Throughout, Chambers includes practical examples, problems, and exercises to make abstract material accessible. Bringing together essential theoretical tools for understanding decision-making under uncertainty, Competitive Agents in Certain and Uncertain Markets provides a unified framework for analyzing a broad range of microeconomic decisions. This book will be an invaluable resource for advanced graduate students and scholars of microeconomic theory.

Robert G. Chambers is Professor of Agricultural and Resource Economics at the University of Maryland. He is a Fellow of the Agricultural and Applied Economics Association and his areas of interest include production economics, microeconomic theory, decision-making under uncertainty, and agricultural economics.

SKU	Unavailable
ISBN 13	9780190063016
ISBN 10	0190063017
Title	Competitive Agents in Certain and Uncertain Markets
Author	Robert G Chambers
Condition	Unavailable
Binding Type	Hardback
Publisher	Oxford University Press Inc
Year published	2021-09-07
Number of pages	392
Cover note	Book picture is for illustrative purposes only, actual binding, cover or edition may vary.