Risk and uncertainty in economics: essays in honour of James L. Ford
What 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 o...
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Aldershot u.a.
Elgar
1994
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Zusammenfassung: | What 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 |
| Beschreibung: | XVI, 223 S. graph. Darst. |
| ISBN: | 1852787368 |
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| 520 | 3 | |a What 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 | |
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Datensatz im Suchindex
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Contents
List of Figures vii
List of Tables viii
List of Contributors ix
Acknowledgements xi
Introduction xii
1. The Imagined Deemed Possible : The Germ of the
Process of History
George Shackle 1
2. A Wider Perspective
John D. Hey 4
3. Decision Making Under Complete Uncertainty
C. Richard Barrett and Prasanta K. Pattanaik 20
4. The Characteristic Function of the Dirichlet and
Multivariate F Distributions
Peter C.B. Phillips 39
5. Bank Regulation, Uncertainty and Business Cycles
Andrew W. Mullineux 57
6. Monetary Policy Under Uncertainty
Michael J. Driscoll 83
7. Precautionary Reserves and Holding Period Certainty
David G. Dickinson 107
V
vi Contents
8. The Demand for Policy Loans: An Empirical Analysis
with Quarterly Canadian Data
Colin Dodds and Atul A. Dar 127
9. Testing for Market Efficiency in the Exchange Market
David A. Peel 147
10. Double Moral Hazard, Buybacks and the Debt Crisis
S. Mansoob Murshed 164
11. Forward Looking Behaviour in the Gilts Market: Some
Implications
Marcus Miller 178
12. Monetary Neutrality and Non Neutrality in
Disequilibrium Models
Somnath Sen 194
Bibliography: Professor J.L. Ford 214
Index 222
Figures
2.1 Choice under perspective theory I 6
2.2 Choice under perspective theory II 8
2.3 Risk aversion and perspective theory 9
2.4 The Marschak Machina triangle 10
2.5 Perspective theory indifference curves I 11
2.6 Perspective theory indifference curves II 12
2.7 Perspective theory indifference curves III 13
2.8 Perspective theory and the Allais paradox 15
2.9 Choice from a uniform prospect distribution 16
4.1 Contour of the Lauricella function 42
4.2 Contour Map for L 54
10.1 Non cooperative game when a and e are complements 169
10.2 Non cooperative game when a and e are substitutes I 170
10.3 Non cooperative game when a and e are substitutes II 171
11.1 Phase diagram for bond market equilibrium 180
11.2 Dynamics of gilts market with rational expectations 183
11.3 Dynamics of adjustment after an announcement of a sale
of consols 187
11.4 Paths for long and short interest rates after an
announcement of a sale of consols 188
11.5 The effect of a not fully credible announcement of a sale
of consols 189
11.6 The dynamics of contractionary fiscal policy 190
11.7 Paths for long and short interest rates after a fiscal
contraction 191
vii
Tables
8.1 Policy loan and life insurance reserve flows:
means and standard deviations 129
8.2 OLS estimates of equation (8), sample period:
1977:3 1987:4 136
8.3 Instrumental variables estimates of equation (8),
sample period: 1977:3 1987:4 138
8.4 OLS estimates of equation (8), sample period:
1977.3 1981:4 139
8.5 OLS estimates of equation (8), sample period:
1982:1 1987:4 141
9.1 Orthogonality tests; dependent variable St+3 mt 152
9.2 Properties of the risk premium: the relationship of
St+3 Ft to Ft St and F. m, 153
9.3 Properties of inter war spot and forward exchange
rates I 159
9.4 Properties of inter war spot and forward exchange
rates II 160
viii |
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| spelling | Risk and uncertainty in economics essays in honour of James L. Ford ed. by David G. Dickinson ... Aldershot u.a. Elgar 1994 XVI, 223 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier What 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 Besluitvorming gtt Macro-economie gtt Risico's gtt Risk Uncertainty Decision making Wirtschaftliches Verhalten (DE-588)4197971-0 gnd rswk-swf Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content (DE-588)4016928-5 Festschrift gnd-content Entscheidung bei Unsicherheit (DE-588)4070864-0 s DE-604 Wirtschaftliches Verhalten (DE-588)4197971-0 s Dickinson, David G. Sonstige oth Ford, James L. 1939- (DE-588)119381931 hnr HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006625368&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Risk and uncertainty in economics essays in honour of James L. Ford Besluitvorming gtt Macro-economie gtt Risico's gtt Risk Uncertainty Decision making Wirtschaftliches Verhalten (DE-588)4197971-0 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd |
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| title | Risk and uncertainty in economics essays in honour of James L. Ford |
| title_auth | Risk and uncertainty in economics essays in honour of James L. Ford |
| title_exact_search | Risk and uncertainty in economics essays in honour of James L. Ford |
| title_full | Risk and uncertainty in economics essays in honour of James L. Ford ed. by David G. Dickinson ... |
| title_fullStr | Risk and uncertainty in economics essays in honour of James L. Ford ed. by David G. Dickinson ... |
| title_full_unstemmed | Risk and uncertainty in economics essays in honour of James L. Ford ed. by David G. Dickinson ... |
| title_short | Risk and uncertainty in economics |
| title_sort | risk and uncertainty in economics essays in honour of james l ford |
| title_sub | essays in honour of James L. Ford |
| topic | Besluitvorming gtt Macro-economie gtt Risico's gtt Risk Uncertainty Decision making Wirtschaftliches Verhalten (DE-588)4197971-0 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd |
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