Risk, Uncertainty and Profit


Book Description

A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.




The World Trade Organization


Book Description

The editors have succeeded in bringing together an excellent mix of leading scholars and practitioners. No book on the WTO has had this wide a scope before or covered the legal framework, economic and political issues, current and would-be countries and a outlook to the future like these three volumes do. 3000 pages, 80 chapters in 3 volumes cover a very interdiscplinary field that touches upon law, economics and politics.




Diversity, Conflict, and Leadership


Book Description

Current Topics in Management is an annual scholarly journal and this volume is divided into four major sections: Managing Conflict and Justice; Leadership, Social Capital, and Personality; Entrepreneurship and Small Business Management; and Ethics, Learning, and Change. These contributions seek an integration of theory, research, and practice, which is the essential goal of Current Topics in Management.The first section contains two empirical studies on organizational conflict and a theoretical work that addresses the application of organizational justice theory to consumer behavior. The second section contains three empirical studies relating to the leadership language used by senators Hillary Clinton and Barack Obama during the last presidential election, building social capital through leader-member exchanges, and the big-five personality and financial performance of fund managers. Section three contains an essay on revising Phelan's model on entrepreneurship and a case study on a small business organization. The fourth section contains three contributions, two theoretical papers and an empirical study of the administration of state governments.The contributions included are "The Moderating Role of Social Attitudes on the Relationship between Diversity and Conflict" "The Effects of Geographic Dispersion and Team Tenure" "Fairness and Consumer Behavior" "Obama vs. Clinton: Exploring the Impact of Leadership Language" "Social Capital Via Leader" "Financial Performance of Fund Managers" "A Conceptual Framework Linking Entrepreneurs to International New Venture Competitiveness" and "BSL Printing Company: A Case Study."




Uncertainty and Possibility


Book Description

Uncertainty and possibility are emerging as both theoretical concepts and fields of empirical investigation, as scholars and practitioners seek new creative, hopeful and speculative modes of understanding and intervening in a world of crisis.This book offers new perspectives on the central issues of uncertainty and possibility, and identifies new research methods which take advantage of disruptive and experimental techniques. Advancing a practical agenda for future making, it reveals how uncertainty can be engaged as a generative ‘technology’ for understanding, researching and intervening in the world. Drawing on key themes in creative methodologies, such as making, essaying, inhabiting and attuning, chapters explore contemporary sites of practice. The book looks at maker spaces and technology design, the imaginaries of architectural design, the temporalities of built cultural heritage, and interdisciplinary making and performing. Based on the authors' own academic work and their applied research with a range of different organizations, Uncertainty and Possibility outlines new opportunities for research and intervention. It is essential reading for students, scholars and practitioners in design anthropology and human-centred design.




Understanding Uncertainty


Book Description

Praise for the First Edition "...a reference for everyone who is interested in knowing and handling uncertainty." —Journal of Applied Statistics The critically acclaimed First Edition of Understanding Uncertainty provided a study of uncertainty addressed to scholars in all fields, showing that uncertainty could be measured by probability, and that probability obeyed three basic rules that enabled uncertainty to be handled sensibly in everyday life. These ideas were extended to embrace the scientific method and to show how decisions, containing an uncertain element, could be rationally made. Featuring new material, the Revised Edition remains the go-to guide for uncertainty and decision making, providing further applications at an accessible level including: A critical study of transitivity, a basic concept in probability A discussion of how the failure of the financial sector to use the proper approach to uncertainty may have contributed to the recent recession A consideration of betting, showing that a bookmaker's odds are not expressions of probability Applications of the book’s thesis to statistics A demonstration that some techniques currently popular in statistics, like significance tests, may be unsound, even seriously misleading, because they violate the rules of probability Understanding Uncertainty, Revised Edition is ideal for students studying probability or statistics and for anyone interested in one of the most fascinating and vibrant fields of study in contemporary science and mathematics.




The Geometry of Uncertainty


Book Description

The principal aim of this book is to introduce to the widest possible audience an original view of belief calculus and uncertainty theory. In this geometric approach to uncertainty, uncertainty measures can be seen as points of a suitably complex geometric space, and manipulated in that space, for example, combined or conditioned. In the chapters in Part I, Theories of Uncertainty, the author offers an extensive recapitulation of the state of the art in the mathematics of uncertainty. This part of the book contains the most comprehensive summary to date of the whole of belief theory, with Chap. 4 outlining for the first time, and in a logical order, all the steps of the reasoning chain associated with modelling uncertainty using belief functions, in an attempt to provide a self-contained manual for the working scientist. In addition, the book proposes in Chap. 5 what is possibly the most detailed compendium available of all theories of uncertainty. Part II, The Geometry of Uncertainty, is the core of this book, as it introduces the author’s own geometric approach to uncertainty theory, starting with the geometry of belief functions: Chap. 7 studies the geometry of the space of belief functions, or belief space, both in terms of a simplex and in terms of its recursive bundle structure; Chap. 8 extends the analysis to Dempster’s rule of combination, introducing the notion of a conditional subspace and outlining a simple geometric construction for Dempster’s sum; Chap. 9 delves into the combinatorial properties of plausibility and commonality functions, as equivalent representations of the evidence carried by a belief function; then Chap. 10 starts extending the applicability of the geometric approach to other uncertainty measures, focusing in particular on possibility measures (consonant belief functions) and the related notion of a consistent belief function. The chapters in Part III, Geometric Interplays, are concerned with the interplay of uncertainty measures of different kinds, and the geometry of their relationship, with a particular focus on the approximation problem. Part IV, Geometric Reasoning, examines the application of the geometric approach to the various elements of the reasoning chain illustrated in Chap. 4, in particular conditioning and decision making. Part V concludes the book by outlining a future, complete statistical theory of random sets, future extensions of the geometric approach, and identifying high-impact applications to climate change, machine learning and artificial intelligence. The book is suitable for researchers in artificial intelligence, statistics, and applied science engaged with theories of uncertainty. The book is supported with the most comprehensive bibliography on belief and uncertainty theory.




Migration, Risk and Uncertainty


Book Description

Migration is one of the driving forces of economic and social change in the modern world. It is both informed by risk and a generator of risk, whether for individuals, households, communities or societies. Although the relationship between migration and risk is widely acknowledged, it has long been neglected in academic research, with a few exceptions such as household diversification strategies. Instead, risk is assumed to be implicit in economic or social models, rather than being explicitly theorised or analysed. This book represents the first major review of these key relationships. It draws on a wide range of theories - from economics, psychology, sociology, anthropology and geography - and an equally broad range of empirical material, to provide a highly original overview.




The Analytics of Uncertainty and Information


Book Description

Economists have always recognised that human endeavours are constrained by our limited and uncertain knowledge, but only recently has an accepted theory of uncertainty and information evolved. This theory has turned out to have surprisingly practical applications: for example in analysing stock market returns, in evaluating accident prevention measures, and in assessing patent and copyright laws. This book presents these intellectual advances in readable form for the first time. It unifies many important but partial results into a satisfying single picture, making it clear how the economics of uncertainty and information generalises and extends standard economic analysis. Part One of the volume covers the economics of uncertainty: how each person adapts to a given fixed state of knowledge by making an optimal choice among the immediate 'terminal' actions available. These choices in turn determine the overall market equilibrium reflecting the social distribution of risk bearing. In Part Two, covering the economics of information, the state of knowledge is no longer held fixed. Instead, individuals can to a greater or lesser extent overcome their ignorance by 'informational' actions. The text also addresses at appropriate points many specific topics such as insurance, the Capital Asset Pricing model, auctions, deterrence of entry, and research and invention.




International Trade and the Protection of the Environment


Book Description

Analyzing globalization and the increasing tension it has caused between the goals of free trade and environmental protection, International Trade and the Protection of the Environment provides a comprehensive and detailed legal analysis, both at the national and international level of what looks set to become the new legal order of the twenty-first century. This book asks the questions does the treatment of ‘measures tantamount to expropriation’ have the capacity to lead to a ‘regulatory chill’ on environmental protection and what are the possibilities for claims before the UK courts that are based on alleged violations of international law? To answer them the author offers: an informed and critical commentary on the continuing controversy on GMO products, in particular on the recent WTO award in the EC-Biotech dispute a comparison of the treatment of the expropriation under NAFTA and bilateral investment treaties with position under article one of the first protocol of the European convention on human rights an analysis of the human rights dimension to claims for environmental damage against multi-national corporations, focusing particularly on claims in the US under the Alien Trot Claims Act 1789 Incisive and current, this text is a valuable tool for postgraduate law students studying international and commercial law.