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Comparative statics for state-contingent technologies

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  • Robert Chambers

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  • J. Quiggin

Abstract

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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Suggested Citation

  • Robert Chambers & J. Quiggin, 2008. "Comparative statics for state-contingent technologies," Journal of Economics, Springer, vol. 93(2), pages 203-214, March.
  • Handle: RePEc:kap:jeczfn:v:93:y:2008:i:2:p:203-214
    DOI: 10.1007/s00712-007-0291-1
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    File URL: http://hdl.handle.net/10.1007/s00712-007-0291-1
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    References listed on IDEAS

    as
    1. Milgrom, Paul, 1994. "Comparing Optima: Do Simplifying Assumptions Affect Conclusions?," Journal of Political Economy, University of Chicago Press, vol. 102(3), pages 607-615, June.
    2. Susan Athey, 2002. "Monotone Comparative Statics under Uncertainty," The Quarterly Journal of Economics, Oxford University Press, vol. 117(1), pages 187-223.
    3. 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.
    4. Milgrom, Paul & Shannon, Chris, 1994. "Monotone Comparative Statics," Econometrica, Econometric Society, vol. 62(1), pages 157-180, January.
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    Cited by:

    1. Susan Athey, 2002. "Monotone Comparative Statics under Uncertainty," The Quarterly Journal of Economics, Oxford University Press, vol. 117(1), pages 187-223.

    More about this item

    Keywords

    supermodularity; risk aversion; production; D21; D81;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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