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Production Under Uncertainty : Safety First and the Crop Mix

A safety first decision criterion suggests a secondary objectives when the safety condition is satisfied. In the model of this paper, the product mix of a smallholder pursuing safety first in one where the crops produced are equally safe -- he cannot afford to gamble and he does not. When the safety condition is satisfied, he chooses a riskier crop mix the larger his resources or the lower his degree of risk aversion.
Year of publication:
1988-03
Authors: Encarnacion, Jr., Jose
Institutions: School of Economics, University of the Philippines at Diliman
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Type of publication: Book / Working Paper
Notes:
Published as UPSE Discussion Paper No. 1988-03, March 1988 Number 198803
Source:
Persistent link: https://www.econbiz.de/10010670541
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