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Survival under Production Uncertainty

In: Equilibrium and Dynamics

Author

Listed:
  • Mukul Majumdar
  • Roy Radner

Abstract

In this study we explore some questions related to the’ survival’ and ‘failure’ of an economic agent. Our theme is unquestionably removed from the mainstream of analysis in economics, where the emphasis is on optimisation — more on ‘achieving the best’ than on ‘averting failure’. Given some institutional constraints, however, the behaviour of some economic agent (a consumer, a manager of a firm, a small farmer) can perhaps be modelled more realistically as a sequence of decisions meeting a minimal level of some performance index (a nutritional requirement, a minimal rate of dividend, a minimal level of debt service). In what follows, a number of issues will be pursued in simple partial equilibrium frameworks, where the outcome resulting from an action is subjected to exogenous random shocks.

Suggested Citation

  • Mukul Majumdar & Roy Radner, 1992. "Survival under Production Uncertainty," Palgrave Macmillan Books, in: Mukul Majumdar (ed.), Equilibrium and Dynamics, chapter 8, pages 179-200, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11696-6_8
    DOI: 10.1007/978-1-349-11696-6_8
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    Citations

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    Cited by:

    1. Roy S., 1996. "Theory of dynamic portfolio choice for survival under uncertainty," Mathematical Social Sciences, Elsevier, vol. 31(1), pages 61-62, February.
    2. Rabi Bhattacharya & Mukul Majumdar, 1999. "On a Theorem of Dubins and Freedman," Journal of Theoretical Probability, Springer, vol. 12(4), pages 1067-1087, October.
    3. Rabi Bhattacharya & Mukul Majumdar, 2021. "Equity and Sustainability: An Exposition," Studies in Microeconomics, , vol. 9(1), pages 92-104, June.
    4. Bhattacharya, Rabi & Majumdar, Mukul, 2001. "On a Class of Stable Random Dynamical Systems: Theory and Applications," Journal of Economic Theory, Elsevier, vol. 96(1-2), pages 208-229, January.
    5. Rabi Bhattacharya & Hyeonju Kim & Mukul Majumdar, 2015. "Sustainability in the Stochastic Ramsey Model," Papers 1511.07419, arXiv.org.
    6. Mitra, Tapan & Roy, Santanu, 2007. "On the possibility of extinction in a class of Markov processes in economics," Journal of Mathematical Economics, Elsevier, vol. 43(7-8), pages 842-854, September.

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