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Symmetry Restrictions in the Analysis of the Competitive Firm under Price Uncertainty

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  • Dalal, Ardeshir

Abstract

This paper shows that, if the production function is appropriately restricted, some symmetry (reciprocity) results that hold for a competitive firm under certainty continue to hold under price uncertainty, for any strictly concave utility function. In contrast, earlier analyses have established these symmetry relations by imposing restrictions on the utility function. The present analysis uses the envelope theorem, the indirect utility function, and the duality between production and cost. Copyright 1990 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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  • Dalal, Ardeshir, 1990. "Symmetry Restrictions in the Analysis of the Competitive Firm under Price Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(1), pages 207-211, February.
    • Handle: RePEc:ier:iecrev:v:31:y:1990:i:1:p:207-11
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    Cited by:

    1. Tai-Hsin Huang & Ying-Ting Liao & Li-Chih Chiang, 2010. "An examination on the cost efficiency of the banking industry under multiple output prices' uncertainty," Applied Economics, Taylor & Francis Journals, vol. 42(9), pages 1169-1182.
    2. Alghalith, Moawia, 2008. "Recent applications of theory of the firm under uncertainty," European Journal of Operational Research, Elsevier, vol. 186(2), pages 443-450, April.
    3. Cherchye, L. & Post, G.T., 2001. "Methodological Advances in Dea," ERIM Report Series Research in Management ERS-2001-53-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    4. Mordecai Kurz, 2005. "Measuring the Ex-Ante Social Cost of Aggregate Volatility," Discussion Papers 04-006, Stanford Institute for Economic Policy Research.
    5. Dalal, Ardeshir J. & Alghalith, Moawia, 2009. "Production decisions under joint price and production uncertainty," European Journal of Operational Research, Elsevier, vol. 197(1), pages 84-92, August.
    6. Moawia Alghalith, 2005. "Estimation with price and output uncertainty," Journal of Applied Economics, Universidad del CEMA, vol. 8, pages 247-257, November.
    7. Moawia Alghalith, 2016. "A note on transforming a weak solution to PDE to a smooth solution," International Journal of Financial Engineering (IJFE), World Scientific Publishing Co. Pte. Ltd., vol. 3(03), pages 1-4, September.
    8. Elie Appelbaum, 1996. "An Application of Duality under Uncertainty, Elie Appelbaum," Working Papers 1996_8, York University, Department of Economics.
    9. Alghalith, Moawia, 2005. "Estimation with Price and Output Uncertainty," Journal of Applied Economics, Universidad del CEMA, vol. 8(2), pages 1-11, November.
    10. Moawia Alghalith, 2006. "Joint production and price uncertainty: hypothesis tests," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 49(3), pages 265-274.
    11. Satyanarayan, Sudhakar, 1999. "Econometric tests of firm decision making under dual sources of uncertainty," Journal of Economics and Business, Elsevier, vol. 51(4), pages 315-325, July.
    12. Liu, Yucan & Shumway, C. Richard, 2005. "Indirect Utility Maximization under Risk: A Heterogeneous Panel Application," 2005 Annual Meeting, July 6-8, 2005, San Francisco, California 36307, Western Agricultural Economics Association.

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