State Contingent Production Model: The Stochastic Production Set

Charles Moss

Chapter 11 in Risk, Uncertainty and the Agricultural Firm, 2010, pp 227-249 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:Depicting Risk and Input Decisions in the Production FunctionEstimation of Stochastic Production Functions using Quantile RegressionDeveloping the State-Space RepresentationState Production Set and Input Requirement SetDistance Functions and Risk AversionDefining the Distance Function in State-Contingency SpaceRisk Aversion and Valuing StatesDuality, Benefit, and Distance FunctionsDefining Risk Aversion GraphicallyConstant Relative and Absolute Risk AversionRisk PremiumDerivation of the Effort FunctionSummary

Keywords: Agricultural Economics; Decision Making under Uncertainty; Agricultural and Resource Policy; Proprietary Firms; Applied Finance (search for similar items in EconPapers)
Date: 2010
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