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Estimation of moments and production decisions under uncertainty

  • Elie Appelbaum

    ()

    (Department of Economics, York University)

  • Aman Ullah

The purpose of this paper is to examine production decisions under output price uncertainty. Using a nonparametric estimation technique to estimate the first four moments of the unknown price distribution and applying duality, we provide a simple empirical framework for the analysis of supply and demand decisions under price uncertainty. The model is used to examine the importance of higher moments in the firm's production decisions and to investigate underlying attitudes toward risk.

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File URL: http://www.jstor.org/stable/10.2307/2951415
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Paper provided by York University, Department of Economics in its series Working Papers with number 1996_9.

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Length: 7 pages
Date of creation: Nov 1996
Date of revision:
Handle: RePEc:yca:wpaper:1996_9
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  1. Blancard, Stephane & Boussemart, Jean-Philippe & Crainich, D. & Leleu, Herve, 2008. "How can allocative inefficiency reveal risk preference? An empirical investigation on French wheat farms," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 44208, European Association of Agricultural Economists.
  2. Alghalith Moawia, 2005. "Hedging under price and output uncertainty: estimation methodology," Applied Financial Economics Letters, Taylor and Francis Journals, vol. 1(5), pages 309-312, September.
  3. Moavia Alghalith, 2003. "Estimation and Econometric Tests Under Simultaneous Price and Output Uncertainty," CRIEFF Discussion Papers 0302, Centre for Research into Industry, Enterprise, Finance and the Firm.
  4. Abdullahi Abdulkadri & Michael Langemeier & Allen Featherstone, 2006. "Estimating economies of scope and scale under price risk and risk aversion," Applied Economics, Taylor & Francis Journals, vol. 38(2), pages 191-201.
  5. Alghalith, Moawia, 2008. "Recent applications of theory of the firm under uncertainty," European Journal of Operational Research, Elsevier, vol. 186(2), pages 443-450, April.
  6. Elie Appelbaum & Parantap Basu, 2010. "A new methodology for studying the equity premium," Working Papers 2010_3, York University, Department of Economics.
  7. Alghalith, Moawia, 2006. "Risk preferences under price uncertainties and production risk: A note," Economic Modelling, Elsevier, vol. 23(3), pages 387-390, May.
  8. Paolo Sckokai & Daniele Moro, 2006. "Modeling the Reforms of the Common Agricultural Policy for Arable Crops under Uncertainty," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(1), pages 43-56.
  9. Zhao, Jinhua, 2004. "RURAL LABOR MIGRATION: Migrant Network, Information, and Hysteresis," 2004 Annual meeting, August 1-4, Denver, CO 19990, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  10. Mark Coppejans & Donna Gilleskie & Holger Sieg & Koleman Strumpf, 2007. "Consumer Demand under Price Uncertainty: Empirical Evidence from the Market for Cigarettes," The Review of Economics and Statistics, MIT Press, vol. 89(3), pages 510-521, August.
  11. Alghalith, Moawia, 2008. "The manufacturing base under energy price uncertainty," Energy Economics, Elsevier, vol. 30(4), pages 1951-1956, July.
  12. Xavier Vollenweider & Salvatore Di Falco & Cathal O’Donoghue, 2011. "Risk preferences and voluntary agri-environmental schemes: does risk aversion explain the uptake of the Rural Environment Protection Scheme?," LSE Research Online Documents on Economics 37585, London School of Economics and Political Science, LSE Library.
  13. repec:cup:cbooks:9780521586115 is not listed on IDEAS
  14. Elie Appelbaum & Alan D. Woodland, 2010. "The Effects of Foreign Price Uncertainty on Australian Production and Trade," The Economic Record, The Economic Society of Australia, vol. 86(273), pages 162-177, 06.
  15. Appelbaum, Elie, 2006. "A framework for empirical applications of production theory without expected utility," Journal of Economics and Business, Elsevier, vol. 58(4), pages 290-302.
  16. Cherchye, Laurens & Kuosmanen, Timo & Post, Thierry, 2002. "Non-parametric production analysis in non-competitive environments," International Journal of Production Economics, Elsevier, vol. 80(3), pages 279-294, December.
  17. repec:cup:cbooks:9780521355643 is not listed on IDEAS
  18. Paolo Sckokai & Jes�s Ant�n, 2005. "The Degree of Decoupling of Area Payments for Arable Crops in the European Union," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(5), pages 1220-1228.
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