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This book presents a critical appraisal of the main theories of distributive justice. It develops the view that all such theories, or at least all liberal theories, may be seen as expressions of laissez-faire with compensations for factors that they consider to be morally arbitrary.

More precisely, these theories are interpreted as specifying that the outcome of individuals acting independently, without the intervention of any central authority, is just, provided that those who fare ill for reasons that the theories deem to be arbitrary, for example, because they...

This book presents a critical appraisal of the main theories of distributive justice. It develops the view that all such theories, or at least all liberal theories, may be seen as expressions of laissez-faire with compensations for factors that they consider to be morally arbitrary.

More precisely, these theories are interpreted as specifying that the outcome of individuals acting independently, without the intervention of any central authority, is just, provided that those who fare ill for reasons that the theories deem to be arbitrary, for example, because they...

The primary purpose of this book is to develop and unify the theory of rational choice. Michael Allingham produces a framework in which the problems of pure choice, choice under uncertainty, strategic choice and social change are united. A secondary purpose is to comment on attitudes to risk and of the concept of knowledge to examine how these problems impact on rational choice theory.

We make choices all the time--about how to spend our money, about how to spend our time, about what to do with our lives. And we are also constantly judging the decisions other people make as rational or irrational. But what kind of criteria are we applying when we say that a choice is rational? What guides our own choices, especially in cases where we don't have complete information about the outcomes? What strategies should be applied in making decisions which affect a lot of people, as in the case of government policy?
This book explores what it means to be rational in all these...

Aimed at students of economic theory and finance, this book examines the relation between the prices prevailing in the markets and the characteristics of the various market participants. It demonstrates how prices are formed, how they change and other properties of markets.

A text using the concept of arbitrage to value securities, that is to construct the elements of financial economics. Divided into three parts, the book develops the foundations for the study, applies the basic theorem in a single-period setting and extends the discussion to a many-period setting.