The Factor Bias of Technical Change Under Production Uncertainty

Kim Tae-Kyun, Dermot Hayes and C. Phillip Baumel

Journal of Rural Development/Nongchon-Gyeongje, 1991, vol. 14, issue 01

Abstract: The impact of production uncertainty on factor-augmenting technical change is examined by using and Ito stochastic control model. The results indicate that technical progress will be biased toward risk-reducing inputs and against risk-increasing inputs. This bias may reinforce or counteract the bias caused by relative input price movements.

Keywords: Risk; and; Uncertainty (search for similar items in EconPapers)
Date: 1991
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Working Paper: Factor Bias of Technical Change Under Production Uncertainty (The) (1991)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:jordng:287652

DOI: 10.22004/ag.econ.287652

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