Estimation Of Moments And Production Decisions Under Uncertainty
AbstractThe purpose of this paper is to examine production decisions under output price uncertainty. Using a nonparametric estimation technique to estimate the first four moments of the unknown price distribution and applying duality, we provide a simple empirical framework for the analysis of supply and demand decisions under price uncertainty. The model is used to examine the importance of higher moments in the firm's production decisions and to investigate underlying attitudes toward risk. © 1997 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology
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Bibliographic InfoArticle provided by MIT Press in its journal The Review of Economics and Statistics.
Volume (Year): 79 (1997)
Issue (Month): 4 (November)
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Web page: http://mitpress.mit.edu/journals/
Other versions of this item:
- Elie Appelbaum & Aman Ullah, 1996. "Estimation of moments and production decisions under uncertainty," Working Papers 1996_9, York University, Department of Economics.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Elie Appelbaum & Alan D. Woodland, 2010.
"The Effects of Foreign Price Uncertainty on Australian Production and Trade,"
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- Moavia Alghalith, 2003. "Estimation and Econometric Tests Under Simultaneous Price and Output Uncertainty," CRIEFF Discussion Papers 0302, Centre for Research into Industry, Enterprise, Finance and the Firm.
- Paolo Sckokai & Daniele Moro, 2006. "Modeling the Reforms of the Common Agricultural Policy for Arable Crops under Uncertainty," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(1), pages 43-56.
- Alghalith, Moawia, 2006. "Risk preferences under price uncertainties and production risk: A note," Economic Modelling, Elsevier, vol. 23(3), pages 387-390, May.
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- Zhao, Jinhua, 2004. "RURAL LABOR MIGRATION: Migrant Network, Information, and Hysteresis," 2004 Annual meeting, August 1-4, Denver, CO 19990, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- Appelbaum, Elie, 2006. "A framework for empirical applications of production theory without expected utility," Journal of Economics and Business, Elsevier, vol. 58(4), pages 290-302.
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