Comparative statics for state-contingent technologies
The implications of supermodularity for comparative-static analysis in a generalized version of the separable-effort representation of a firm facing stochastic prices and a stochastic technology are. Previous analysis is generalized in two ways. General risk-averse, as opposed to expected-utility, preferences are considered. The stochastic technology is represented by an Arrow-Debreu state-space representation. It is shown that results familiar from the theory of the price taking firm in the absence of risk generalize to the uncertain case.
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- Milgrom, P. & Shannon, C., 1991.
"Monotone Comparative Statics,"
11, Stanford - Institute for Thoretical Economics.
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