On uncertainty when it affects successive markets

Jean Gabszewicz, Ornella Tarola and Skerdilajda Zanaj

DEM Discussion Paper Series from Department of Economics at the University of Luxembourg

Abstract: In this paper, we examine how uncertainty can affect successive mar- kets, when uncertainty can jointly influence both the upstream and down- stream markets conditions. The main result of the paper is that the equi- librium input and output quantities under stochastic dependence can be higher or lower than the corresponding quantities in the case of certainty equivalence depending on how much dependent are the events.

JEL-codes: L1 L12 (search for similar items in EconPapers)
Date: 2009
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http://wwwen.uni.lu/content/download/24105/292604/ ... essive%20markets.pdf (application/pdf)

Related works:
Journal Article: On uncertainty when it affects successive markets (2010)
Working Paper: On uncertainty when it affects successive markets (2010)
Working Paper: On uncertainty when it affects successive markets (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:luc:wpaper:09-13

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