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)
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)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea78:283957
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