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Uncertainty, Market Structure, and Performance: The Galbraith-Caves Hypothesis and Managerial Motives in Banking

Franklin R. Edwards¹; Arnold A. Heggestad^2,3

¹ Columbia University · ² Federal Reserve · ³ Federal Reserve Board of Governors

I. The market structure-uncertainty avoidance relationship, 455. — II. Rationale behind the Galbraith-Caves hypothesis, 456. — III. A measure of uncertainty avoidance and the theory of the firm under uncertainty, 458. — IV. The Galbraith-Caves thesis in the context of the firm under uncertainty, 460. — V. Testing the relationship between market power and uncertainty-avoidance behavior, 463. — VI. Empirical results, 469. — VII. Conclusion, 472.

DOI

10.2307/1882015

Volume

87 (3)

Pages

455

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