Accession Number : AD0613671

Title :   THE ECONOMICS OF UNCERTAINTY, VII,

Corporate Author : CALIFORNIA UNIV LOS ANGELES

Personal Author(s) : Borch,Karl

Report Date : MAR 1965

Pagination or Media Count : 36

Abstract : The paper gives a brief outline of the classical proof that a competitive equilibrium is Pareto optimal. It is then shown that this result does not hold when uncertainty is brought into the model. (Author)

Descriptors :   (*ECONOMICS, PROBABILITY), (*COMMERCE, GAME THEORY), (*GAME THEORY, COMMERCE), DECISION MAKING, OPTIMIZATION, COSTS, MATHEMATICAL MODELS

Distribution Statement : APPROVED FOR PUBLIC RELEASE