ABSTRACT
The analysis of money as an evolved social institution is a quintessential subjectivist topic. Indeed, wherever possible we have cited the orthodox literature to emphasize points of convergence or, alternatively, the subjectivist elements in neoclassical economics. Firms are subject to both exogenous and endogenous uncertainty. While exogenous risk may be transformed, by definition nothing can be done to eliminate it. Endogenous uncertainty arises from the very operation of the market. Each firm owner desires information that will improve his planning ability. We have been cognizant of the necessity of clearly stating the differences that do exist between subjectivists and their neoclassical brethren. In conclusion, we have attempted to offer a sample of research topics whose development would especially benefit from a consistent application of subjectivist economics. By reducing price uncertainty, information-sharing arrangements may reduce the variance of prices. If firms are risk-averse, this may also reduce the mean of the price distribution.
