ON THE COMPETITIVE FIRM UNDER PRODUCTION UNCERTAINTY

Rulon D. Pope and Richard Just

Australian Journal of Agricultural Economics, 1977, vol. 21, issue 2, 8

Abstract: Risky production functions which are commonly in use are shown to be very restrictive. In particular, such functions cannot describe technologies where inputs marginally reduce risk. A simple production function which avoids these restrictions is posited and alternative estimation procedures are discussed. Both maximum likelihood and multistage estimators are discussed.

Keywords: Production; Economics (search for similar items in EconPapers)
Date: 1977
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Citations: View citations in EconPapers (6)

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Journal Article: ON THE COMPETITIVE FIRM UNDER PRODUCTION UNCERTAINTY (1977)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:ajaeau:22481

DOI: 10.22004/ag.econ.22481

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