On uncertainty when it affects successive markets
In this paper, we examine how uncertainty can affect successive mar- kets, when uncertainty can jointly influence both the upstream and down- stream markets conditions. The main result of the paper is that the equi- librium input and output quantities under stochastic dependence can be higher or lower than the corresponding quantities in the case of certainty equivalence depending on how much dependent are the events.
|Date of creation:||2009|
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- Gabszewicz, J.J. & Poddar, S., "undated".
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CORE Discussion Papers RP
1269, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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