A Note on Adjustment to Production Uncertainty and the Theory of the Firm
This paper analyzes the impact of production uncertainty on the firm's optimal output decision. If uncertainty is introduced by an additive risk variable, then short-run optimal output is unchanged, but the owner-manager's expected utility can change causing long-run output effects. If uncertainty is introduced by a multiplicative random variable, then short-run output can change as well. Copyright 1990 by Oxford University Press.
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Volume (Year): 28 (1990)
Issue (Month): 3 (July)
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