Allocation under Uncertainty: Equilibrium and Optimality: by Jacques H. Drèze (eds.) PDF

By Jacques H. Drèze (eds.)

ISBN-10: 0333406265

ISBN-13: 9780333406267

ISBN-10: 1349019895

ISBN-13: 9781349019892

ISBN-10: 1349019917

ISBN-13: 9781349019915

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225-43; [18b] vol. Ill (1971), pp. 66-84. [19] A. Sandmo, 'Portfolio Choice in a Theory of Saving', Swedish Journal of Economics, vol. LXX (1968), pp. 106-22. [20] A. Sandmo, 'Capital Risk, Consumption, and Portfolio Choice', Econometrica, vol. XXXVII (1969), pp. 586-99. [21] A. Sandmo, 'The Effect of Uncertainty on Saving Decisions', Review of Economic Studies, vol. xxxvn (1970), pp. 353-60. [22] J. E. Stiglitz, 'A Consumption-Oriented Theory of the Demand for Financial Assets and the Term Structure of Interest Rates', Review of Economic Studies, vol.

11 (1970), pp. 122-60. [5) J. H. Dreze, and F. Modigliani, 'Epargne et consommation en avenir aleatoire', Cahiers du Seminaire d'Econometrie, vol. IX (1966), pp. 7-33. [6) J. H. Dreze, and F. Modigliani, 'Consumption Decisions under Uncertainty', Journal of Economic Theory, vol. v (1972), pp. 308-35. [7] E. F. Fama, 'Multiperiod Consumption-Investment Decisions', American Economic Review, vol. LX (1970), pp. 163-74. [8) I. Fisher, The Theory of Interest (New York: Kelley, 1930). [9] M. Friedman, A Theory of the Consumption Function (Princeton: Princeton University Press, 1957).

By way of prelude I outline the reasons for research into optimum growth under uncertainty, and offer a classification of models. The model discussed in this paper is less appealing than some others; but it seems to be the easiest one. I. PROBLEMS Models of intertemporal optimisation are fascinating and potentially useful. They may be considered relevant to the saving, portfolio and insurance behaviour of the consumer, or to the optimal choice of national economic policy. I shall restrict myself to models without a finite time-horizon: these have always seemed to offer the possibility of simpler formulations and results, and locate the question of suitable terminal conditions appropriately in the case of the national economy.

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Allocation under Uncertainty: Equilibrium and Optimality: Proceedings from a Workshop sponsored by the International Economic Association by Jacques H. Drèze (eds.)


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