{"product_id":"theory-of-the-firm-in-incomplete-markets-von-pascal-stiefenhofer","title":"Theory of the Firm in Incomplete Markets","description":"\u003cp\u003eClassical general equilibrium theory with incomplete  markets assigns utilities to firms just as  economists have always assigned utilities to  consumers. This theory of the firm is at variance  with the Arrow-Debreu model of the firm where  decentralized markets function at their best and  firms maximizing profits. This book, therefore,  considers a model of the firm under time and  uncertainty where the objective function of the firm  is independent of any exogenously assigned average  utility to it. This requires a reformulation of the  role capital plays. At variance to classical GEI  theory, in this set up, capital as an intermediate  good does not enter the utility of the consumers.  This allows a convenient formulation of production  capacity with non-trivial economic consequences. The  book rehabilitates the decentralization property of  the Arrow Debreu model to the case where time and  uncertainty enters the model in an essential way.  The monograph is designed for advanced economics  students, PhD students, engineers and researchers  interested in production.  Some suggestions for  further research are mentioned.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783843376808\"\u003e\u003ch3\u003eAnalysis of Production\u003c\/h3\u003e\u003c\/div\u003e","brand":"Autorenwelt Shop","offers":[{"title":"Softcover - 9783843376808","offer_id":39497107243101,"sku":"9783843376808","price":59.0,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/a9170988-0931-489e-96ef-12a901cf97c7.jpg?v=1729664658","url":"https:\/\/shop.autorenwelt.de\/products\/theory-of-the-firm-in-incomplete-markets-von-pascal-stiefenhofer","provider":"Autorenwelt Shop","version":"1.0","type":"link"}