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Price Stabilization and the Risk-Averse Firm

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  • Robert G. Chambers
  • John Quiggin

Abstract

An analytically simple and tractable approach to firm-level welfare analysis of complete and partial mean-preserving price stabilization for producers with general risk-averse preferences facing a stochastic technology is developed. Necessary and sufficient conditions for price stabilization to be welfare enhancing are derived under different assumptions of the producer's preferences and the producer's technology. Existing stabilization results for the risk-averse firm are shown to be corollaries of these more general results. Copyright 2003, Oxford University Press.

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File URL: http://hdl.handle.net/10.1111/1467-8276.00123
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Bibliographic Info

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

Volume (Year): 85 (2003)
Issue (Month): 2 ()
Pages: 336-347

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Handle: RePEc:oup:ajagec:v:85:y:2003:i:2:p:336-347

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Cited by:
  1. Alexander E. Saak, 2004. "Spatial Production Concentration under Yield Risk and Risk Aversion," Center for Agricultural and Rural Development (CARD) Publications 04-wp362, Center for Agricultural and Rural Development (CARD) at Iowa State University.
  2. Quiggin, John C. & Chambers, Robert G., 2006. "The state-contingent approach to production under uncertainty," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 50(2), June.
  3. Quiggin, John & Chambers, Robert G, 2005. "The state-contingent approach to production and uncertainty," Risk and Sustainable Management Group Working Papers 151168, University of Queensland, School of Economics.
  4. Thorsten L├╝bbers, 2009. "Is Cartelisation Profitable? A Case Study of the Rhenish Westphalian Coal Syndicate, 1893-1913," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2009_09, Max Planck Institute for Research on Collective Goods.

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