Risk and Uncertainty

Svend Rasmussen ()
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Svend Rasmussen: University of Copenhagen

Chapter 15 in Production Economics, 2013, pp 163-180 from Springer

Abstract: Abstract Closely linked with the problems associated with the timing of production, as discussed in the last chapter, is risk and uncertainty, which are often associated with the production and sale of products. Implementation of production that takes a very long time is often associated with uncertainty regarding the price which can be obtained for the product by selling at a later date. When it comes to bio-based production such as agricultural crops and other agricultural products, there is also uncertainty as to the production yield, since climatic conditions and diseases may play a role.

Keywords: Decision Maker; Utility Function; Insurance Premium; Indifference Curve; Output Price (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/978-3-642-30200-8_15

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