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COMBINING LUMPY AND DIVISIBLE ASSETS UNDER UNCERTAINTY

Lindon Robison and J. Roy Black

No 283957, 1978 Annual Meeting, August 6-9, Blacksburg, Virginia from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: This paper develops decision rules for combining divisible assets with lumpy-fixed assets which generate stochastic services. The decision rules differ depending on the decision maker's risk aversion. The theoretical results are illustrated with a practical problem which alternatively assumes the decision maker is a profit maximizer under certainty, an expected profit maximizer, or an expected utility maximizer.

Keywords: Risk; and; Uncertainty (search for similar items in EconPapers)
Pages: 13
Date: 1978-08
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea78:283957

DOI: 10.22004/ag.econ.283957

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