Economic Decisions Under Uncertainty
The Fundamental Issues Involved Why do we need a theory of uncertainty? It is a fact that almost all man's economic decisions are made under conditions of uncertainty, but this fact alone does not provide a strong enough argument for making the effort nec
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Hans-Werner Sinn
Economic Decisions Under Uncertainty Second Edition
Physica-Verlag Heidelberg
Proressor Dr. Hans-Werner Sinn Volkswirtschartliches Institut, Seminar rur Versicherungswirtschart, UniversitlH MOnchen, Ludwigstra8e 33/llI, 0-8000 Miinchen 22, FRG
First Gennan Edition: (Jiconomuche Enlldttidungtn Mi Ungt wijJhtil. J. C. B. Mohr (Paul Siebeck). TObingtn 1980. First edition: Economic D«is;oIU undtr UnUfla;nty. North-Holland Publishing Company, Amsterdam, Ncw York and O~ford 1983.
ISBN-1 3, 978-3-7908-0436-2 ,-ISBN-13, 978-3-642-61547-4 001,10.1007/978-3-642-61547-4 Cip-Tite1aufnahme der De ... tschen Bib1iothek SIDD, Ha_ Wnur :
Economic decisions under ... ncertainty I Hans-Werner Sinn. 2. cd. - Heidelberg - Physica-Verl., 1989 Einh~i_chL: Okonomisch~ Entsch~idunl~n bei Un.c .... i.. h~il
Univ., Oi$$ .• 1977
Mannh~im.
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to my family
Preface to First English Edition This book was first published in German as Okonomische Entscheidungen bei UngewijJheit, Tiibingen 1980. Thanks to the initiative of the editors of the present series, it is now available in English. Except for minor amendments, the English version closely follows the German original. The translation would not have been accomplished without the help of Juli Irving-Leflmann, a charming professional economist, whom a benevolent fate sent from Australia to Mannheim. With great patience and care she read the manuscript in various stages of the translation process, corrected my mistakes and polished my style. I gratefully acknowledge her assistance. Acknowledgement must also be given to Reiner Bernhardt, Martin Kriechbaum, Bernd Gutting, Brunhild Schindhelm, Martin Sikora, and Walter Winkelmann for providing various kinds of technical assistance and to Christa Kininger who typed the manuscript promptly and with great accuracy. I have to record my intellectual debt to all those who gave their comments on the German version and on related papers. I should like to mention Elmar Helten, Peter Howitt, Heinz Konig, Wilhelm Krelle, Hans Schneeweifl, Ann Schwarz
