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By Elhanan Helpman

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It is not intended to be exhaustive, but is a selective survey in which we discuss works related to our own work, and results which we consider to be of interest. This prepares the ground for a discussion of the approach to be presented in the following chapters. 1 THE GENERAL FRAMEWORK The first studies in this field did not consider financial markets, and many of them were planning models rather than market models. 43 44 4. SURVEY OF THE LITERATURE Three types of uncertainty are considered in the literature: in prices, in technology, and in preferences.

3) R(oc) and R'{oc) have the same mean and R((x) has more weight in the tails than R'(oc). They proved that conditions (l)-(3) lead to a single definition of greater riskiness; that is, conditions (l)-(3) are equivalent. When we deal in Chapter 4 with increasing riskiness, we shall mean meanpreserving transformations of the original distribution, as in (3), which is also equivalent to the other two definitions of increasing riskiness just mentioned. 1 See Arrow (1964). For an analysis of wealth effects on portfolios with more than two assets, see Cass and Stiglitz (1972).

Factor endowment and relative commodity prices, Economica 22, 336-341. Samuelson, P. A. (1948). International trade and the equalization of factor prices, Economic Journal 58, 163 -184. Samuelson, P. A. (1956). Social indifference curves, Quarterly Journal of Economics 70, 1-22. Stolper, W. , and Samuelson, P. A. (1941). Protection and real wages, Review of Economic Studies 9, 58-73. Chapter 3 Elements of the Theory of Economic Decision Making under Uncertainty In a world of certainty, actions imply in many instances unique consequences.

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