On The Competitive Firm Under Production Uncertainty
Risky production functions which are commonly in use are shown to be very restrictive. In particular, such functions cannot describe technologies where inputs marginally reduce risk. A simple production function which avoids these restrictions is posited and alternative estimation procedures are discussed. Both maximum likelihood and multistage estimators are discussed.
Volume (Year): 21 (1977)
Issue (Month): 02 (August)
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- Alain De Janvry, 1972. "The Generalized Power Production Function," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 54(2), pages 234-237.
- ZELLNER, Arnold & KMENTA, Jan & DREZE, Jacques H., . "Specification and estimation of Cobb-Douglas production function models," CORE Discussion Papers RP 12, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Thomas J. Rothenberg & Kenneth R. Smith, 1971. "The Effect of Uncertainty on Resource Allocation in a General Equilibrium Model," The Quarterly Journal of Economics, Oxford University Press, vol. 85(3), pages 440-459.
- Rothschild, Michael & Stiglitz, Joseph E., 1971. "Increasing risk II: Its economic consequences," Journal of Economic Theory, Elsevier, vol. 3(1), pages 66-84, March.
- Sandmo, Agnar, 1971. "On the Theory of the Competitive Firm under Price Uncertainty," American Economic Review, American Economic Association, vol. 61(1), pages 65-73, March.
- Blair, Roger D. & Lusky, Rafael, 1975. "A note on the influence of uncertainty on estimation of production function models," Journal of Econometrics, Elsevier, vol. 3(4), pages 391-394, November.
- Harvey, A C, 1976. "Estimating Regression Models with Multiplicative Heteroscedasticity," Econometrica, Econometric Society, vol. 44(3), pages 461-65, May.
- Leland, Hayne E, 1972. "Theory of the Firm Facing Uncertain Demand," American Economic Review, American Economic Association, vol. 62(3), pages 278-91, June.
- Jock R. Anderson, 1974. "Sparse Data, Climatic Variability, and Yield Uncertainty in Response Analysis: Reply," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(3), pages 647.
- Gallant, A. Ronald, 1975. "Seemingly unrelated nonlinear regressions," Journal of Econometrics, Elsevier, vol. 3(1), pages 35-50, February.
- Joseph E. Stiglitz, 1974. "Incentives and Risk Sharing in Sharecropping," Review of Economic Studies, Oxford University Press, vol. 41(2), pages 219-255.
- Feldstein, Martin S, 1971. "Production with Uncertain Technology: Some Economic and Econometric Implications," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 12(1), pages 27-38, February.
- Christensen, Laurits R & Jorgenson, Dale W & Lau, Lawrence J, 1973. "Transcendental Logarithmic Production Frontiers," The Review of Economics and Statistics, MIT Press, vol. 55(1), pages 28-45, February.
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