Cost, Uncertainty and Welfare: Frank Knight's Theory of Imperfect Competition (Routledge Revivals)
Type
Book
Authors
ISBN 10
1138611174
ISBN 13
9781138611177
Category
EIPE
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Publication Year
2018
Publisher
Pages
213
Description
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. - from Amzon
Number of Copies
1
