Profits under Conditions of Uncertainty

Ronald Balvers and Norman C Miller

Australian Economic Papers, 1992, vol. 31, issue 59, 245-59

Abstract: The objectives of this paper are to (1) show that the extensive post WW II literature on the theory of the firm under uncertainty contains an implicit theory of factor demand that generates "uncertainty profits"; and (2) investigate how variations in state variables affect the expected value of these profits. The main conclusions are that the expected value of such profits changes with variations in state variables in a manner that is consistent with Knight's conclusions with regard to risk profits. Copyright 1992 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia

Date: 1992
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