Short- And Long-Run Comparative Statics of Uncertainty, The

David Hennessy

Staff General Research Papers Archive from Iowa State University, Department of Economics

Abstract: If a two-input stochastic reward function is supermodular, then a first-degree stochastic shift increases both inputs, and the more variable factor is more responsive in the long run. These results hold for second-degree dominance under additional curvature conditions. Author Keywords: Le Chatelier principle; Long run; Short run; Supermodular

Date: 1997-09-01
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Published in Economics Letters, September 1997, vol. 55, pp. 347-353

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Journal Article: The short- and long-run comparative statics of uncertainty (1997)
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