## Market Behavior Under Uncertainty |

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### Contents

Figure 2l Isoutility Contours | 22 |

Figure 24 Market Equilibrium | 32 |

Figure 27 The Zero Profit Curve and The | 38 |

Copyright | |

7 other sections not shown

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Appendix assumption behavior capita demand competitive equilibrium complete vertical integration consumer preferences contract curve cost customer per firm demand uncertainty derived isoutility curves deterministic analysis equals equilibrium market structure equilibrium price exceeds expected consumer surplus expected utility expected value F(nc factor input factor market fair trade equilibrium firm ratio increases firms produce incentives for vertical internal growth involving no vertical involving partial vertical L/N increases Lemma level of utility market clearing market equilibrium market operation market period market structure involving markets under study maximize merger number of customers number of firms number of stage occur partial vertical integration pint pr(i previous chapter price and probability price inflexibility probability of satisfaction probability of shortage produce the input Proof random slope social optimum stage 2 market stage l firms supply and demand surplus to society tangency Theorem transmission of uncertainty utility level zero profit curve