Cost, Uncertainty and Welfare: Frank Knight's Theory of Imperfect Competition, 1st Edition (Paperback) book cover

Cost, Uncertainty and Welfare

Frank Knight's Theory of Imperfect Competition, 1st Edition

By Stephan John Nash


205 pages

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Paperback: 9781138611207
pub: 2020-01-01
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Hardback: 9781138611177
pub: 2018-07-31
eBook (VitalSource) : 9780429463624
pub: 2018-12-17
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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.

Table of Contents

1. Introduction 2. The Knightian Pyramid 3. Intellectual Influences 4. Comparison of Knight with Chamberlin and Robinson 5. Some Policy Implications 6. Conclusion

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Subject Categories

BISAC Subject Codes/Headings:
SOCIAL SCIENCE / Sociology / General