Abstract
If an individual participates in the making of some decision, one would expect some cost to be borne because of this. The individual wants to participate so as to attain a position preferred to that in which he does not participate. The position he attains with participation in work decisions may be preferred because the amount of effort consequently devoted, and the level of goods and services he attains, is preferred, or he may like making decisions per se. The case where the decision problem is a certain one, that is where one makes a decision and the consequences are known with certainty, is analysed elsewhere in this book. We are here concerned with the case of uncertain consequences of decisions and the implicit consequences for both parties in a bilateral bargaining situation.
I am grateful to J. Aldrich, E. R. Chang and D. F. Heathfield for valuable advice and encouragement.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Bardhan, P. K., and Srinivasan T. N. [ 1971 ], ‘Cropsharing Tenancy in Agriculture’ American Economic Review, 61.
Cheung, S. N. S. [ 1969 ], The Theory of Share Tenancy ( Chicago: University of Chicago Press).
Havinden M. A. [ 1966 ], Estate Villages ( Lund, Humphries).
Hicks J. R. [1969], A Theory of Economic History (Clarendon Press).
Johnson D. Gale [1950], ‘Resource Allocation under share contracts’,Journal of Political Economy 58.
Knight, F. H. [ 1921 ], Risk, Uncertainty and Profit ( Boston: Houghton Mifflin).
Malinvaud, E. [ 1972 ], Lectures on Micro Economic Theory ( Amster-dam: North-Holland).
Malinvaud, E., [ 1953 ], ‘A note on von Neumann-Morgenstern’s Strong Independence Axiom’, Econometrica, 21.
Marshall, A. [1920], Principles of Economics (Macmillan).
Morier, R. B. D. [1876], ‘The Agrarian Legislation of Prussia during the present century’, in Probyn [ 1876 ].
Mosteller, F., and Nogee P. [ 1951 ], ‘An experimental measurement of utility’, Journal of Political Economy, 59.
Newbery, D. M. G. [ 1973 ], ‘Cropsharing Tenancy in an Equilibrium Model’ (mimeo), paper given to Econometric Society, Oslo, August.
Nove, A., [1967], An Economic History of the U.S.S.R. (Penguin).
Peleg, B. [ 1975 ], ‘Efficient Random Variables’, Journal of Mathmatical Economies.
Pevsner, N., [1967], The Buildings of England: Hampshire and the Isle of Wight. (Penguin).
Pollard, S., [1965], The Genesis of Modern Management (Edward Arnold).
Probyn, J. W., [1876], Systems of Land Tenure in Various Countries (Cassell).
Rosett, R. N., [ 1971 ], ‘Weak Experimental Verification of the Expected Utility Hypothesis’, Review of Economic Studies, 38.
Rothschild, M., and Stiglitz, J. E. [ 1970 ], ‘Increasing Risk I: a definition’, Journal of Economic Theory, 2.
Stiglitz, J. E., [ 1974 ], ‘Incentives and Risk Sharing in Sharecropping’, Review of Economic Studies, 41.
Shannon, H. A., [ 1931 ], ‘The Coming of General Limited Liability’, Economic History, II.
Thompson, F. M. L. [1963], English Landed Society in the Nineteenth century (Routledge & Kegan Paul).
Whitelock, D., [1952], The Beginnings of English Society (Penguin).
Editor information
Copyright information
© 1977 Palgrave Macmillan, a division of Macmillan Publishers Limited
About this chapter
Cite this chapter
Ingham, A. (1977). Participation and Risk. In: Heathfield, D.F. (eds) The Economics of Co-Determination. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-03117-7_9
Download citation
DOI: https://doi.org/10.1007/978-1-349-03117-7_9
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-03119-1
Online ISBN: 978-1-349-03117-7
eBook Packages: Palgrave Business & Management CollectionBusiness and Management (R0)