Volume II First Annual Conference on AGRICULTURAL POLICY AND THE ENVIRONMENT: CERTAINTY EQUIVALENT PRICES AND PRODUCER WELFARE UNDER PRICE UNCERTAINTY

Yacov Tsur and David Zilberman

No 297345, Staff Papers from University of Minnesota, Department of Applied Economics

Abstract: Producer welfare indices under price uncertainty are derived using the concept of certainty equivalent prices. In this approach the marginal cost function is used instead of the ex-ante supply function; the effects of uncertainty and risk preference are captured by certainty equivalent prices. Implications for welfare evaluation are discussed.

Keywords: Demand and Price Analysis; Risk and Uncertainty (search for similar items in EconPapers)
Pages: 19
Date: 1990-03
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Persistent link: https://EconPapers.repec.org/RePEc:ags:umaesp:297345

DOI: 10.22004/ag.econ.297345

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