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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