Cost, Uncertainty and Welfare: Frank Knight's Theory of Imperfect Competition

1st Edition

Stephan John Nash

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Routledge
Published December 17, 2018
Reference - 205 Pages
ISBN 9780429463624 - CAT# KE65520
Series: Routledge Revivals

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Summary

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.

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