Publisher's Synopsis
This volume collects together the work of Jack Hirshleifer, both theoretical and applied, and aims to demonstrate that there can be a single integrated approach valid for the topic of time, certainty and information. The author begins with the theoretical foundations required to understand time and uncertainty in economic decision-making, going on to link the simpler analysis of passive adaptations to uncertainty - the balancing of risks - to the more difficult study of active adaptations, of information-seeking behaviour.;In the third part, the theory is applied to crucial policy-relevant issues. These include how business and government decision-makers should analyse investment projects, liquidity and the term structure of interest rates, the return to inventive activity and the function of patent and copyright protection, and the nature and significance of speculation.
