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The State-Contingent Properties of Stochastic Production Functions

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Author Info
 Chambers, Robert G
Quiggin, John

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Abstract

The state-contingent properties of the most frequently used representations of stochastic production in the agricultural-economics literature are examined. Particular attention is paid to the cases of multiplicative uncertainty, additive uncertainty, and the Just-Pope production function. State-contingent technologies and their associated cost functions are reviewed, and that theory is applied to the stochastic production function. A generalization of the Just-Pope technology that has desirable state-contingent characteristics is proposed. Cost functions based upon state-contingent technologies are compared with cost functions based on a parametrized distribution representation of production uncertainty. Copyright 2002 by American Agricultural Economics Association

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Article provided by American Agricultural Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 84 (2002)
Issue (Month): 2 (May)
Pages: 513-26
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Handle: RePEc:bla:ajagec:v:84:y:2002:i:2:p:513-26

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