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Production Decision Making under Price Ambiguity: An Experimental Evidence

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  • Lee, Yu Na
  • Bellemare, Marc F.
  • Just, David R.

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  • Lee, Yu Na & Bellemare, Marc F. & Just, David R., 2018. "Production Decision Making under Price Ambiguity: An Experimental Evidence," 2018 Annual Meeting, August 5-7, Washington, D.C. 274475, Agricultural and Applied Economics Association.
    • Handle: RePEc:ags:aaea18:274475
    DOI: 10.22004/ag.econ.274475
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    References listed on IDEAS

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    2. Catherine C. Eckel & Philip J. Grossman, 2008. "Forecasting Risk Attitudes: An Experimental Study Using Actual and Forecast Gamble Choices," Monash Economics Working Papers archive-01, Monash University, Department of Economics.
    3. Barrett, Christopher B., 1996. "On price risk and the inverse farm size-productivity relationship," Journal of Development Economics, Elsevier, vol. 51(2), pages 193-215, December.
    4. Juan Camilo Cardenas & Jeffrey Carpenter, 2008. "Behavioural Development Economics: Lessons from Field Labs in the Developing World," Journal of Development Studies, Taylor & Francis Journals, vol. 44(3), pages 311-338.
    5. Richard H. Thaler & Eric J. Johnson, 1990. "Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice," Management Science, INFORMS, vol. 36(6), pages 643-660, June.
    6. Engle Warnick James C. & Escobal Javier & Laszlo Sonia C., 2011. "Ambiguity Aversion and Portfolio Choice in Small-Scale Peruvian Farming," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 11(1), pages 1-56, November.
    7. 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.
    8. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    9. Fabio L. Mattos & Jamie Zinn, 2016. "Formation and adaptation of reference prices in grain marketing: an experimental study," Agricultural Economics, International Association of Agricultural Economists, vol. 47(6), pages 621-632, November.
    10. Matthew Rabin, 2002. "Inference by Believers in the Law of Small Numbers," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(3), pages 775-816.
    11. Marc F. Bellemare, 2015. "Rising Food Prices, Food Price Volatility, and Social Unrest," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 97(1), pages 1-21.
    12. Israel Finkelshtain & James A. Chalfant, 1991. "Marketed Surplus under Risk: Do Peasants Agree with Sandmo?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(3), pages 557-567.
    13. Ying-Ju Chen & Christopher S. Tang, 2015. "The Economic Value of Market Information for Farmers in Developing Economies," Production and Operations Management, Production and Operations Management Society, vol. 24(9), pages 1441-1452, September.
    14. Nicky J. Welton & Howard H. Z. Thom, 2015. "Value of Information," Medical Decision Making, , vol. 35(5), pages 564-566, July.
    15. David Bigman, 1996. "Safety-First Criteria and Their Measures of Risk," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(1), pages 225-235.
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    17. Marc F. Bellemare & Christopher B. Barrett & David R. Just, 2013. "The Welfare Impacts of Commodity Price Volatility: Evidence from Rural Ethiopia," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 95(4), pages 877-899.
    18. Daniel Ellsberg, 1961. "Risk, Ambiguity, and the Savage Axioms," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 75(4), pages 643-669.
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    Keywords

    Risk and Uncertainty; Experimental Economics; Production Economics;
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