Lecture 20: Welfare Economics

author: Jonathan Gruber, Department of Economics, Massachusetts Institute of Technology, MIT
recorded by: Massachusetts Institute of Technology, MIT
published: Dec. 3, 2012,   recorded: February 2011,   views: 2275
released under terms of: Creative Commons Attribution Non-Commercial Share Alike (CC-BY-NC-SA)
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Description

Up until now, our analysis of consumers and firms alike has assumed that both have perfect knowledge of the future. However, the world is filled with uncertainty. We don't know if it will rain tomorrow, if the stock market will go up next year, or if a new business will succeed or fail. This lecture analyzes the implications of uncertainty for consumer decisions.

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