Production and the Probabilities of Cost

A. J. Nichol

The Quarterly Journal of Economics, 1942, vol. 57, issue 1, 69-89

Abstract: Costs calculated in terms of probability, 69. — Deriving particular specifications of supply from given probabilities of cost: initial conclusions, 71. — More complex conditions: dispersion and skewness of cost expectations, 74; variations in dispersion, 78; in skewness, 85; in both, 86. — Influence of dispersion and skewness on monopoly, 86. — "Marginal probability of net revenue," and "marginal production risk," 87. — Conclusions, 88.

Date: 1942
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