A Note on Uncertainty and Nonmarket Cost

Duane Chapman

American Journal of Agricultural Economics, 1972, vol. 54, issue 4_Part_1, 652-653

Abstract: A generalization of the Friedman-Savage hypothesis of utility maximization under risk proves that in the presence of a convex nonmarket cost function and a joint probability density function of future output and nonmarket cost, expected nonmarket cost can exceed the nonmarket cost of anticipated output.

Date: 1972
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