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Cost Functions and Duality for Stochastic Technologies

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  • Chambers, Robert G.
  • Quiggin, John

Abstract

Cost functions dual to stochastic production technologies are derived and their properties are discussed. These cost functions are shown to be consistent with expected-utility maximization without placing serious structural restrictions on the underlying technology. Copyright 1998, Oxford University Press.
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Suggested Citation

  • Chambers, Robert G. & Quiggin, John, 1997. "Cost Functions and Duality for Stochastic Technologies," Working Papers 197844, University of Maryland, Department of Agricultural and Resource Economics.
    • Handle: RePEc:ags:umdrwp:197844
    DOI: 10.22004/ag.econ.197844
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    References listed on IDEAS

    as
    1. Machina, Mark J, 1982. ""Expected Utility" Analysis without the Independence Axiom," Econometrica, Econometric Society, vol. 50(2), pages 277-323, March.
    2. Chambers,Robert G., 1988. "Applied Production Analysis," Cambridge Books, Cambridge University Press, number 9780521314275.
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