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2011 | OriginalPaper | Chapter

4. State-Contingent Outcome and Preferences

Author : Svend Rasmussen

Published in: Optimisation of Production Under Uncertainty

Publisher: Springer Berlin Heidelberg

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Abstract

This chapter explains what is meant by the state-contingent approach and state-contingent goods, and it introduces the indifference curves as important tool for graphical analysis.

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previous chapter Utility Function
next chapter Preferences and Subjective Probabilities
Footnotes
1
The borderline case of convex indifference curves is linear indifference curves, which depicts risk neutral decision makers. Risk neutral decision makers have linear utility functions as shown in (Eq. 3.​1).
 
Literature
Nicholsen, W. (1989). Microeconomic theory–basic principles and extensions (4th edn.). Chicago, USA: The Dryden Press.
Rasmussen, S. (2011). Production economics the basic theory of production optimisation. Berlin: Springer.
Varian, H. (1984). Microeconomic analysis (2nd ed.). New York, USA: W.W. Norton & Company.
Metadata
Title
State-Contingent Outcome and Preferences
Author
Svend Rasmussen
Copyright Year
2011
Publisher
Springer Berlin Heidelberg
Book
Optimisation of Production Under Uncertainty

Print ISBN: 978-3-642-21685-5

Electronic ISBN: 978-3-642-21686-2

Copyright Year: 2011

DOI
https://doi.org/10.1007/978-3-642-21686-2_4