RISK AND UNCERTAINTY IN ECONOMICS

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 Fords 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.