1st Edition

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

ISBN 9781138611207
Published June 29, 2020 by Routledge
213 Pages

USD $38.95

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Book Description

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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