Abstract
An extension of the theory of allocation of resources to the case of uncertainty has been realised recently. After the pioneering article of Arrow [2], who with Allais [1] initiated this analysis, the field was explored by Baudier [4], and Debreu [7, 8] whose results have been somewhat generalised by Radner [14]. One can find stimulating discussions about the implications of the theory in Arrow [3], applications in Borch [5] and Hirshleifer [11], or critical comments on various aspects in Drèze [6].
The authors wish to thank Jacques Drèze and Dieter Sondermann for their helpful comments.
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Notes
M. Allais, ‘Généralisation des théories de l’équilibre économique général et du rendement social au cas du risque’, in Econométrie Colloque International XL (Paris: CNRS, 1953).
K. J. Arrow, ‘Le rôle des valeurs boursières pour la répartition la meilleure des risques’, pp. 41–7 in Econométrie Colloque International XL (Paris: CNRS, 1953); translated as ‘The Role of Securities in the Optimal Allocation of Risk-Bearing’, Review of Economic Studies vol. XXXI (1964), pp. 91–6.
K. J. Arrow, ‘Essays in the Theory of Risk-Bearing’ (Amsterdam: North-Holland, 1970).
E. Baudier, ‘L’introduction du temps dans la théorie de l’équilibre général’, Cahiers Économiques (December 1959), pp. 9–16.
K. Borch, ‘The Safety Loading of Reinsurance Premiums’, Skandinavisk Aktuarietidskrift vol. XLIII (1960), pp. 163–84.
J. Drèze, ‘Market Allocation under Uncertainty’, European Economic Review vol. II (1971), pp. 133–65.
G. Debreu, Theory of Value (New York: John Wiley, 1959).
G. Debreu, ‘Une économique de l’incertain’, Economie Appliquée vol. 13 (1960).
G. Debreu, ‘New Concepts and Techniques for Equilibrium Analysis’, International Economic Review vol. III (1962), pp. 257–73.
R. Guesnerie and J. Y. Jaffray, ‘Optimality of Equilibrium of Plans Prices and Price Expectations’, chapter 5 infra.
J. Hirshleifer, ‘Investment Decision under Uncertainty Applications of the State Preference Approach’, Quarterly Journal of Economics vol. LXXX (1966), pp. 252–77.
E. Malinvaud, ‘Decentralized Procedures for Planning’, in Activity Analysis in the Theory of Growth and Planning ed. by E. Malinvaud and M. O. L. Bacharach (London: Macmillan, 1967), pp. 170–208.
T. de Montbrial, ‘Intertemporal General Equilibrium and Interest Rates Theory’, École Polytechnique (1970).
R. Radner, ‘Competitive Equilibrium under Uncertainty’, Econometrica vol. XXXVI (1968), pp. 31–58.
R. Radner, ‘Existence of Equilibrium of Plans, Prices and Price Expectations in a Sequence of Markets’, Econometrica vol. XL (1972), pp. 289–303.
L. J. Savage, Foundations of Statistics (New York: John Wiley, 1954).
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© 1974 International Economic Association
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Guesnerie, R., de Montbrial, T. (1974). Allocation Under Uncertainty: a survey. In: Drèze, J.H. (eds) Allocation under Uncertainty: Equilibrium and Optimality. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-01989-2_4
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DOI: https://doi.org/10.1007/978-1-349-01989-2_4
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