Discusses risk and economic uncertainty, the theory of contingent markets, model systems of incomplete markets, and the use of the stock market and insurance to share risk

Product Description: This text by one of Europe's leading economists covers a wide variety of public economics issues with great clarity and precision, illustrating them with a wealth of carefully-chosen examples and problems. Starting from theories of general equilibrium analysis, Laffont considers issues of market failure, collective decisionmaking, and distributional equity...read more