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Symmetry Restrictions in the Analysis of the Competitive Firm under Price Uncertainty

Ardeshir Dalal

International Economic Review, 1990, vol. 31, issue 1, 207-11

Abstract: This paper shows that, if the production function is appropriately restricted, some symmetry (reciprocity) results that hold for a competitive firm under certainty continue to hold under price uncertainty, for any strictly concave utility function. In contrast, earlier analyses have established these symmetry relations by imposing restrictions on the utility function. The present analysis uses the envelope theorem, the indirect utility function, and the duality between production and cost. Copyright 1990 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Date: 1990
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