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Rethinking Production Under Uncertainty
Cochrane, John H. - 2019
factor linked to productivity, which can be used to price any asset, without regard to preferences …
Persistent link: https://www.econbiz.de/10012480479
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The Pricing of Short-Lived Options When Price Uncertainty Is Log-Symmetric Stable
McCulloch, J. Huston - 1978
The well-known option pricing formula of Black and Scholes depends upon the assumption that price fluctuations are log … be more nearly the case in most markets, price fluctuations are in fact symmetrics table or log-symmetric stable. This … generating log-normal price uncertainty. It is then used to derive the value of a short-lived option for certain processes that …
Persistent link: https://www.econbiz.de/10012478885
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Perception of House Price Risk and Homeownership
Adelino, Manuel - 2018
This paper analyzes the importance of household perceptions of house price risk in explaining homeownership choice … rent are strongly correlated with perceptions of house price risk. Households' exposure to housing risk due to financial … buy are especially sensitive to their perception of house price risk, it might explain their delayed entry into home …
Persistent link: https://www.econbiz.de/10012480741
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Learning from Prices : Public Communication and Welfare
Amador, Manuel - 2008
informational efficiency of the price system. We show that, when agents have private information about monetary shocks, the cost can …
Persistent link: https://www.econbiz.de/10012464392
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Risks and Prices : The Role of User Sanctions in Marijuana Markets
Pacula, Rosalie Liccardo - 2007
User sanctions influence the legal risk for participants in illegal drug markets. A change in user sanctions may change … retail drug prices, depending on how it changes the legal risk to users, how it changes the legal risk to dealers, and the …
Persistent link: https://www.econbiz.de/10012465236
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Export Supply and Import Demand Functions : A Production Theory Approach
Diewert, W. Erwin - 1986
In this paper we theoretically and empirically model import demand and export supply behavior of firms for the U.S. economy from 1967-1982. A producer theoretic approach based on duality theory is used to derive econometric systems of producer supply and demand functions that are consistent with...
Persistent link: https://www.econbiz.de/10012477060
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Aggregate Output with Operating Rates and Inventories as Buffers BetweenVariable Final Demand and Quasi-Fixed Factors
Helliwell, John F. - 1985
Empirical evidence has long shown that output varies more in the short-run than do all factor inputs, including employment and hours worked. There is also evidence that all factors, including capital, start adjusting within a few months, suggesting that production models should treat all...
Persistent link: https://www.econbiz.de/10012477457
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Inventories, Stock-Outs, and Production Smoothing
Abel, Andrew B. - 1985
If stock-outs are ignored and if demand shocks are additive, then optimal behavior requires that the marginal cost of production (MC) be equated with the expected marginal revenue of increasing expected sales by one unit (EMR). However,with more general demand shocks (and still ignoring...
Persistent link: https://www.econbiz.de/10012477522
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Restriced Cost Functions and the Rate of Return to Quasi-Fixed Factors, with an Application to R&D and Capital in the Bell System
Schankerman, Mark - 1984
This paper provides a statistical test to assess the adequacy of static equilibrium models. The test is based on a restricted cost function framework together with the envelope conditions which characterize static equilibrium for the quasi-fixed factors. We also show how restricted cost function...
Persistent link: https://www.econbiz.de/10012477838
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On the Theory of Productive Saving
Ehrlich, Isaac - 1975
The central thesis of this paper is that the management of portfolios incorporating a variety of investment assets does require the use of time and other scarce resources in searching for, collecting, interpreting, and applying relevant information. Accordingly, the returns on these assets would...
Persistent link: https://www.econbiz.de/10012479054