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Production Risk And Efficient Allocation Of Resources

  • Anderson, Jock R.
  • Griffiths, William E.

Efficient allocation of resources has usually been couched in risk less terms, partly because statistical techniques did not exist for measuring the impact of varying levels of factors of production on risks associated with production. Now that such techniques are available, methods are required for determining efficient allocations. Such models, particularly those exploiting stochastic efficiency analysis, are illustrated here with respect to empirical risk-sensitive, farm-firm production functions.

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File URL: http://purl.umn.edu/22706
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Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural Economics.

Volume (Year): 26 (1982)
Issue (Month): 03 (December)
Pages:

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Handle: RePEc:ags:ajaeau:22706
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  1. McArthur, I.D. & Dillon, John L., 1971. "Risk, Utility And Stocking Rate," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 15(01), April.
  2. Rulon D. Pope & Richard E. Just, 1977. "On The Competitive Firm Under Production Uncertainty," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 21(2), pages 111-118, 08.
  3. Hadar, Josef & Russell, William R, 1969. "Rules for Ordering Uncertain Prospects," American Economic Review, American Economic Association, vol. 59(1), pages 25-34, March.
  4. I.D. McArthur & John L. Dillon, 1971. "Risk, Utility And Stocking Rate," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 15(1), pages 20-35, 04.
  5. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
  6. Meyer, Jack, 1977. "Second Degree Stochastic Dominance with Respect to a Function," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(2), pages 477-87, June.
  7. Anderson, Jock R., 1974. "Risk Efficiency in the Interpretation of Agricultural Production Research," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 42(03), September.
  8. Just, Richard E. & Pope, Rulon D., 1978. "Stochastic specification of production functions and economic implications," Journal of Econometrics, Elsevier, vol. 7(1), pages 67-86, February.
  9. Duloy, J.H., 1959. "Resource Allocation And A Fitted Production Function," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 3(02), December.
  10. J.H. Duloy, 1959. "Resource Allocation And A Fitted Production Function," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 3(2), pages 75-85, December.
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