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Criteria for optimal production under uncertainty. The state-contingent approach

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Author Info
Svend Rasmussen

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Abstract

The state-contingent approach to production economics presented by Chambers and Quiggin provides a new basis for deriving optimality criteria for production under uncertainty. In the present paper criteria are formally derived for risk-averse producers. It is not possible to derive useful criteria for strictly risk-averse producers, but useful criteria for risk-neutral producers are presented for three different types of input. Based on a formal definition of 'good' and 'bad' states of nature, the use of inputs and levels of production of strictly risk-averse producers are compared to those of risk-neutral producers. Depending on the type of input, risk-averse producers may use more or less input than risk-neutral producers. Copyright Australian Agricultural and Resource Economics Society Inc. and Blackwell Publishing Ltd 2003.

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Article provided by Australian Agricultural and Resource Economics Society and Blackwell Publishing Asia Pty Ltd. in its journal The Australian Journal of Agricultural and Resource Economics.

Volume (Year): 47 (2003)
Issue (Month): 4 (December)
Pages: 447-476
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Handle: RePEc:bla:ajarec:v:47:y:2003:i:4:p:447-476

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  1. Rafael N. Uaiene, 2006. "Introduction of New Agricultural Technologies and Marketing Stragegies in Central Mozambique," International Development Collaborative Working Papers MZ-IIAM-RR-2E, Department of Agricultural Economics, Michigan State University. [Downloadable!]
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