Dual structures for the sole-proprietorship firm
AbstractThis paper presents a dual representation of firm-level and market-level equilibrium behavior for a sole proprietorship economy with competitive and frictionless financial markets and stochastic production opportunities in a two-period setting. The dual equilibrium model is used to state conditions for the firms' production choices to be independent of their risk preferences in equilibrium. These conditions entail Pareto optimality, but do not require either that the firm's consumption choices lie within the span of financial markets or the assumption of an extreme version of linear risk tolerance.
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Bibliographic InfoPaper provided by Risk and Sustainable Management Group, University of Queensland in its series Risk & Uncertainty Working Papers with number WPR03_6.
Date of creation: Dec 2003
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- Chambers, Robert G & Quiggin, John, 2003. "Dual structures for the sole-proprietorship firm," Risk and Sustainable Management Group Working Papers 150352, University of Queensland, School of Economics.
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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- Chambers, Robert G. & Quiggin, John, 2008.
"Narrowing the no-arbitrage bounds,"
Journal of Mathematical Economics,
Elsevier, vol. 44(1), pages 1-14, January.
- Robert G. Chambers & John Quiggin, . "Narrowing the No-Arbitrage Bounds," Risk & Uncertainty Working Papers WPR03_3, Risk and Sustainable Management Group, University of Queensland.
- Chambers, Robert G & Quiggin, John, 2003. "Narrowing the no-arbitrage bounds," Risk and Sustainable Management Group Working Papers 150346, University of Queensland, School of Economics.
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