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.
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Bibliographic InfoPaper provided by York University, Department of Economics in its series Working Papers with number 1996_9.
Length: 7 pages
Date of creation: Nov 1996
Date of revision:
Other versions of this item:
- Elie Appelbaum & Aman Ullah, 1997. "Estimation Of Moments And Production Decisions Under Uncertainty," The Review of Economics and Statistics, MIT Press, vol. 79(4), pages 631-637, November.
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- Pagan,Adrian & Ullah,Aman, 1999.
Cambridge University Press, number 9780521586115.
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