By Jacques H. Drèze (eds.)
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Incertitude: un modele a trois periodes', Recherches Economiques de Louvain, vol. XXXV (1969), pp. 63-88. [17] J. W. Pratt, 'Risk Aversion in the Small and in the Large', Econometrica, vol. XXXII (1964), pp. 122-36. [18a] M. Rothschild, and J. E. Stiglitz, 'Increasing Risk I-IT', Journal of Economic Theory, vol. n (1970), pp. 225-43; [18b] vol. Ill (1971), pp. 66-84. [19] A. Sandmo, 'Portfolio Choice in a Theory of Saving', Swedish Journal of Economics, vol. LXX (1968), pp. 106-22. [20] A. Sandmo, 'Capital Risk, Consumption, and Portfolio Choice', Econometrica, vol.
These latter results are somewhat surprising. By way of prelude I outline the reasons for research into optimum growth under uncertainty, and offer a classification of models. The model discussed in this paper is less appealing than some others; but it seems to be the easiest one. I. PROBLEMS Models of intertemporal optimisation are fascinating and potentially useful. They may be considered relevant to the saving, portfolio and insurance behaviour of the consumer, or to the optimal choice of national economic policy.
E. Leland, 'On the Existence of Optimal Policies under Uncertainty', Journal of Economic Theory, vol. IV (1972), pp. 35-44. [13] D. Levhari, and T. N. Srinivasan, 'Optimal Savings under Uncertainty', Review of Economic Studies, vol. XXXVI (1969), pp. 153--63. [14] H. M. Markowitz, Portfolio Selection (New York: Wiley, 1959). [15] L. J. Mirman, 'Uncertainty and Optimal Consumption Decisions', Econometrica, vol. XXXIX (1971), pp. 179-85. [16] P. 'incertitude: un modele a trois periodes', Recherches Economiques de Louvain, vol.