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Theory of the firm under multiple uncertainties

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  • Moawia, Alghalith
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    Abstract

    Without imposing restrictions on the utility function and the probability distributions, we show the impact of multiple uncertainty (and each single uncertainty) and change in risk aversion on each input demand. In so doing, we emphasize the importance of the relationship between the inputs in this impact. Moreover, the paper provides technical contributions.

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    File URL: http://mpra.ub.uni-muenchen.de/19320/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 19320.

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    Date of creation: 14 Dec 2009
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    Handle: RePEc:pra:mprapa:19320

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    Keywords: firm; uncertainty; risk; production;

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    1. Dalal, Ardeshir J. & Alghalith, Moawia, 2009. "Production decisions under joint price and production uncertainty," European Journal of Operational Research, Elsevier, Elsevier, vol. 197(1), pages 84-92, August.
    2. Gollier, Christian & Pratt, John W, 1996. "Risk Vulnerability and the Tempering Effect of Background Risk," Econometrica, Econometric Society, Econometric Society, vol. 64(5), pages 1109-23, September.
    3. Pope, Rulon D, 1980. "The Generalized Envelope Theorem and Price Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 75-86, February.
    4. Robert G. Chambers & John Quiggin, 2001. "Decomposing Input Adjustments under Price and Production Uncertainty," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 83(1), pages 20-34.
    5. Viaene, Jean-Marie & Zilcha, Itzhak, 1998. "The Behavior of Competitive Exporting Firms under Multiple Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(3), pages 591-609, August.
    6. Milgrom, Paul & Shannon, Chris, 1994. "Monotone Comparative Statics," Econometrica, Econometric Society, Econometric Society, vol. 62(1), pages 157-80, January.
    7. Batra, Raveendra N & Ullah, Aman, 1974. "Competitive Firm and the Theory of Input Demand under Price Uncertainty," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(3), pages 537-48, May/June.
    8. Pratt, John W, 1988. " Aversion to One Risk in the Presence of Others," Journal of Risk and Uncertainty, Springer, Springer, vol. 1(4), pages 395-413, December.
    9. Chambers, Robert G. & Quiggin, John, 2003. "Indirect certainty equivalents for the firm facing price and production uncertainty," Economics Letters, Elsevier, Elsevier, vol. 78(3), pages 309-316, March.
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