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A Model of Homogeneous Input Demand under Price Uncertainty

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Author Info
Wolak, Frank A
Kolstad, Charles D

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Abstract

This paper examines the empirical validity of a model of homogeneous input demand under price uncertainty in which firms trade off expected input cost against its variability (risk) in selecting the optimal input supplier mix. Using recent work in time-series econometrics, this model is applied to the Japanese steam-coal import market, where five suppliers compete: China, the Soviet Union, South Africa, the United States, and Australia. Copyright 1991 by American Economic Association.

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Publisher Info
Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 81 (1991)
Issue (Month): 3 (June)
Pages: 514-38
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Handle: RePEc:aea:aecrev:v:81:y:1991:i:3:p:514-38

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  2. Tai-Hsin Huang, 2004. "Empirical estimation of production risk using a cost function with panel data," Applied Economics Letters, Taylor and Francis Journals, vol. 11(5), pages 297-301, April. [Downloadable!] (restricted)
  3. M. Ryan Haley & Harry J. Paarsch, 2004. "The stochastic implications of rent maximization: an application to stumpage rates for timber in British Columbia," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(1), pages 25-48. [Downloadable!]
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  5. Mark Coppejans & Donna Gilleskie & Holger Sieg & Koleman Strumpf, 2006. "Consumer Demand under Price Uncertainty: Empirical Evidence from the Market for Cigarettes," NBER Working Papers 12156, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Elie Appelbaum & Alan D. Woodland, 2008. "The Effects of Foreign Price Uncertainty on Australian Production and Trade," Working Papers 2008_03, York University, Department of Economics. [Downloadable!]
  7. Charles D. Kolstad David L. Kelly Glenn Mitchell, . "Adjustment Costs from Environmental Change Induced by Incomplete Information and Learning," University of California at Santa Barbara, Economics Working Paper Series 10-99, Department of Economics, UC Santa Barbara. [Downloadable!]
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