Decomposing Input Adjustments under Price and Production Uncertainty
A decomposition of input adjustments for stochastic technologies is developed and applied to the case of actuarially fair production insurance. The decomposition consists of a pure-risk effect and an expansion effect which are analogous to the Hicks-Allen decomposition familiar from consumer theory. Copyright 2001, Oxford University Press.
Year of publication: |
2001
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Authors: | Chambers, Robert G. ; Quiggin, John |
Published in: |
American Journal of Agricultural Economics. - Agricultural and Applied Economics Association - AAEA. - Vol. 83.2001, 1, p. 20-34
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Publisher: |
Agricultural and Applied Economics Association - AAEA |
Saved in:
Online Resource
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