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The Firm under Uncertainty with General Risk-Averse Preferences: A State-Contingent Approach

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  • Quiggin, John
  • Chambers, Robert G

Abstract

This paper summarizes and synthesizes recent developments in the state-contingent theory of production under uncertainty presented by Chambers and Quiggin (2000) with a particular focus on the case of generalized expected utility preferences. The problem of the risk-averse firm under price and production uncertainty is analyzed using a state-contingent production technology and general risk-averse preferences. The concept of an efficient frontier, which identifies all potentially optimal production plans for weakly risk-averse decisionmakers, is introduced and used to develop comparative static results. For constant absolute risky technologies, the efficient frontier is shown to correspond to a unique isocost contour. Copyright 2001 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 22 (2001)
Issue (Month): 1 (January)
Pages: 5-20

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Handle: RePEc:kap:jrisku:v:22:y:2001:i:1:p:5-20

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Web page: http://www.springerlink.com/link.asp?id=100299

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Cited by:
  1. Chavas, Jean-Paul & Barham, Bradford, 2007. "On Microeconomic Efficiency and Entrepreneurship under Bounded Rationality," Staff Paper Series 516, University of Wisconsin, Agricultural and Applied Economics.
  2. John Quiggin, 2001. "Production under Uncertainty and Choice under Uncertainty in the Emergence of Generalized Expected Utility Theory," Theory and Decision, Springer, vol. 51(2), pages 125-144, December.
  3. Walter Briec & Laurent Cavaignac, 2009. "An extension of the multi-output state-contingent production model," Economic Theory, Springer, vol. 39(1), pages 43-64, April.
  4. Jean-Paul Chavas, 2012. "On learning and the economics of firm efficiency: a state-contingent approach," Journal of Productivity Analysis, Springer, vol. 38(1), pages 53-62, August.

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