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Handbook of the Economics of Risk and Uncertainty
book

Handbook of the Economics of Risk and Uncertainty

by Mark Machina, W. Kip Viscusi
November 2013
Beginner content levelBeginner
896 pages
35h 10m
English
North Holland
Content preview from Handbook of the Economics of Risk and Uncertainty
Benjamin E. Hermalin
366
post inefficient outcomes (possibly only off the equilibrium path). But if it is common
knowledge that an outcome is inefficient and there is no impediment to renegotiation,
then it is unreasonable to expect the parties will not take action to remedy the situation.
Anticipation of such action would, in many cases, undermine the original mechanism,
creating some doubt as to whether such mechanisms are good predictors of actual
behavior. This, thus, represents an important area of research.
101
Beyond the suggestions for future work contained in this section and also made
earlier, I hope the reader has been motivated to ...
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Publisher Resources

ISBN: 9780444536853