Decomposing Input Adjustments under Price and Production Uncertainty

Robert Chambers () and John Quiggin

American Journal of Agricultural Economics, 2001, vol. 83, issue 1, 20-34

Abstract: A decomposition of input adjustments for stochastic technologies is developed and applied to the case of actuarially fair production insurance. The decomposition consists of a pure-risk effect and an expansion effect which are analogous to the Hicks-Allen decomposition familiar from consumer theory. Copyright 2001, Oxford University Press.

Date: 2001
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