Production Under Uncertainty

Robert G. Chambers ()
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Robert G. Chambers: University of Maryland

Chapter 14 in Handbook of Production Economics, 2022, pp 575-610 from Springer

Abstract: Abstract This chapter describes a formal model of a stochastic production technology. Alternative axioms and different structural restrictions are presented, and producer decision-making under uncertainty is examined. The presentation emphasizes the formal similarities between the stochastic production environment and more traditional models of a nonstochastic technology and producer behavior under certainty. The nonstochastic multiple-output technology is shown to be special case of the more general stochastic production structure.

Keywords: Production; Uncertainty; Risk; Producers; Cost; Decision-making under uncertainty; D21; D24; D25; D81; D84 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-10-3455-8_6

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DOI: 10.1007/978-981-10-3455-8_6

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