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Imperfections of Information

In: The Theory of the Firm

Author

Listed:
  • P. J. Curwen

Abstract

The crux of the problem has been expressed by Margolis as follows:1 The information and calculability necessary for the management of a firm to move to its equilibrium profit-maximising price-output combination are clearly not available. Uncertainty and ignorance are omni-present. No matter how pleasing may be the prospect of an activity with the greatest possible profits, the choice for management is rarely on the agenda.

Suggested Citation

  • P. J. Curwen, 1976. "Imperfections of Information," Palgrave Macmillan Books, in: The Theory of the Firm, chapter 0, pages 99-102, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-15645-0_14
    DOI: 10.1007/978-1-349-15645-0_14
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