Uncertainty and the Positive Theory of the Public Enterprise

Robert Fraser

Bulletin of Economic Research, 1989, vol. 41, issue 2, 147-55

Abstract: This paper extends previous research on a public enterprise pursuing a size-related objective in the face of uncertain demand to a situation where its managers may be risk neutral or risk averse and where the public enterprise may produce more than one output. The optimal pricing policy of the public enterprise is analyzed and the importance of not only the expected profit constraint, but also the attitude to risk of the public enterprise in determining its relative prices, is demonstrated. Copyright 1989 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Date: 1989
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