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Oligopolistic Uncertainty and Optimal Bidding in Government Procurement: A Subjective Probability Approach

In: Arrow and the Ascent of Modern Economic Theory

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  • Robert E. Kuenne

Abstract

Kenneth Arrow’s early and continuing interest in the economics of risk and uncertainty and his contributions to the literature it inspired were pivotal in the developments that have characterised the field in the last 20 years. A re-reading of the Essays in the Theory of Risk Bearing — some of which date back a quarter century or more — confirms in detail the impressions they created at first reading. In them Arrow moves effortlessly between the rigour of mathematical analysis and the brilliantly intuitive and conjectural.

Suggested Citation

  • Robert E. Kuenne, 1987. "Oligopolistic Uncertainty and Optimal Bidding in Government Procurement: A Subjective Probability Approach," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Arrow and the Ascent of Modern Economic Theory, chapter 21, pages 654-674, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07239-2_21
    DOI: 10.1007/978-1-349-07239-2_21
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