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Dual structures for the sole-proprietorship firm

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  • Robert G. Chambers

    ()
    (Dept of Agricultural and Resource Economics, University of Maryland, College Park)

  • John Quiggin

    ()
    (Department of Economics, University of Queensland)

Abstract

This 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 Info

Paper provided by Risk and Sustainable Management Group, University of Queensland in its series Risk & Uncertainty Working Papers with number WPR03_6.

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Date of creation: Dec 2003
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Handle: RePEc:rsm:riskun:r03_6

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Keywords: state-contingent production;

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Cited by:
  1. 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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