Comparative statics for state-contingent technologies
John Quiggin () and
Robert Chambers ()
No WPR03_5, Risk & Uncertainty Working Papers from Risk and Sustainable Management Group, University of Queensland
The implications of supermodularity for comparative-static analysis in a generalized version of the separable-effort representation of a firm facing stochastic prices and a stochastic technology are. Previous analysis is generalized in two ways. General risk-averse, as opposed to expected-utility, preferences are considered. The stochastic technology is represented by an Arrow-Debreu state-space representation. It is shown that results familiar from the theory of the price taking firm in the absence of risk generalize to the uncertain case.
Keywords: state-contingent; production (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
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Working Paper: Comparative statics for state-contingent technologies (2003)
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Persistent link: http://EconPapers.repec.org/RePEc:rsm:riskun:r03_5
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