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Combining Lumpy And Divisible Assets Under Uncertainty

Author

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  • Robison, Lindon J.
  • Black, J. Roy

Abstract

This paper develops decision rules for combining divisible assets with lumpy-fixed assets which generate stochastic services. The decision rules differ depending on the decision maker's risk aversion. The theoretical results are illustrated with a practical problem which alternatively assumes the decision maker is a profit maximizer under certainty, an expected profit maximizer, or an expected utility maximizer.

Suggested Citation

  • Robison, Lindon J. & Black, J. Roy, 1978. "Combining Lumpy And Divisible Assets Under Uncertainty," 1978 Annual Meeting, August 6-9, Blacksburg, Virginia 283957, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea78:283957
    DOI: 10.22004/ag.econ.283957
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    File URL: https://ageconsearch.umn.edu/record/283957/files/19-00105AAEA_0833.pdf
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    Cited by:

    1. Robison, Lindon J. & King, Robert P., 1978. "Specification of Micro Risk Models for Farm Management and Policy Research," Agricultural Economic Report Series 10260, Michigan State University, Department of Agricultural, Food, and Resource Economics.

    More about this item

    Keywords

    Risk and Uncertainty;

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