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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- 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).
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- Joseph E. Stiglitz, 1974.
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- Gallant, A. Ronald, 1975. "Seemingly unrelated nonlinear regressions," Journal of Econometrics, Elsevier, vol. 3(1), pages 35-50, February.
- 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.
- 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.
- Leland, Hayne E, 1972. "Theory of the Firm Facing Uncertain Demand," American Economic Review, American Economic Association, vol. 62(3), pages 278-91, June.
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