The State-Contingent Properties of Stochastic Production Functions

Robert G Chambers () and John Quiggin ()

American Journal of Agricultural Economics, 2002, vol. 84, issue 2, pages 513-26

Abstract: The state-contingent properties of the most frequently used representations of stochastic production in the agricultural-economics literature are examined. Particular attention is paid to the cases of multiplicative uncertainty, additive uncertainty, and the Just-Pope production function. State-contingent technologies and their associated cost functions are reviewed, and that theory is applied to the stochastic production function. A generalization of the Just-Pope technology that has desirable state-contingent characteristics is proposed. Cost functions based upon state-contingent technologies are compared with cost functions based on a parametrized distribution representation of production uncertainty. Copyright 2002 by American Agricultural Economics Association

Date: 2002
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American Journal of Agricultural Economics is edited by Peter Berck, Robert J. Myers, Ian M. Sheldon and B. Wade Brorsen

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