Comparative Statics for a Decision Model with Two Choice Variables and Two Random Variables: A Mean–Standard Deviation Approach

Gyemyung Choi and Iltae Kim

Manchester School, 2001, vol. 69, issue 4, 369-376

Abstract: The decision model with two choice variables and two random variables, an extension of Feder, or Just and Pope, is examined here. Under the mean–standard deviation framework we derive the comparative statics results concerning the effects of a change in the mean, variance and covariance of the random parameters. Some restrictions on the random variables and on the decision model are considered for unambiguous comparative statics predictions.

Date: 2001
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