INVESTMENT UNDER UNCERTAINTY AND DYNAMIC ADJUSTMENT IN FINNISH PORK INDUSTRY

Kyosti Pietola and Robert Myers ()

No 20953, 1998 Annual meeting, August 2-5, Salt Lake City, UT from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: A dynamic dual model of investment under uncertainty is applied to a panel of Finnish hog farms. Stochastic dynamic programming is used to characterize duality relations. The model accommodates irreversibility and/or asymmetric adjustment costs. Results have important implications for Finland's hog industry as it adjusts to entry into the European Unit.

Keywords: Livestock Production/Industries; Research Methods/ Statistical Methods; Risk and Uncertainty (search for similar items in EconPapers)
Pages: 15
Date: 1998
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Citations: View citations in EconPapers (19)

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Related works:
Journal Article: Investment under Uncertainty and Dynamic Adjustment in the Finnish Pork Industry (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea98:20953

DOI: 10.22004/ag.econ.20953

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