Research stands the test of time

13 Apr 2016
Research stands the test of time
The Theory of Price Uncertainty, Production and Profit

Princeton University Press has recently made a decision to reprint the UQ School of Economics’ Emeritus Professor Clement Tisdell’s very first publication from 1963.
The publication is entitled The Theory of Price Uncertainty, Production and Profit.
It has been included in an international list of important scholarly texts that the Princeton Legacy Library are reprinting.
The research was originally Professor Tisdell’s PhD thesis submitted to Australian National University in 1963.
The School would like to congratulate Professor Tisdell on this outstanding achievement.
Below is the book’s description:

Firms and farmers, under pure competition, must make production decisions in the face of price uncertainty. The author has integrated diverse theories of behaviour under uncertainty to provide a new framework for his mathematical analysis of the impact of price uncertainty on the behaviour of the firm. Drawing upon the work of Knight, Hicks, von Neumann, and Morgenstern, he develops a schema that accounts for a greater diversity of behaviour than do existing theories, yet one which yields simple economic theorems of practical value. The conclusions he draws apply to both socialist and capitalist economics.