Cost Functions Under Production Uncertainty

Rulon D. Pope and Jean-Paul Chavas ()

American Journal of Agricultural Economics, 1994, vol. 76, issue 2, 196-204

Abstract: We characterize the cost functions which would be consistent with expected utility maximization when production is uncertain. It is not generally possible, assuming risk aversion, to use only expected output as the constraint in a cost minimization problem. In some leading cases, cost functions consistent with expected utility maximization are particularly useful because they are devoid of risk preferences.

Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:76:y:1994:i:2:p:196-204.

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