This paper obtains comparative static results for a firm that sells a single output domestically and abroad when prices in both markets are uncertain. Results are obtained for both constant absolute risk aversion and for Ross decreasing absolute risk aversion, using a diagrammatic analysis which...

This paper analyses methods to reduce the price risk of Ecuadorian oil exports through hedging in the oil futures market. I simulate ex ante cross hedges over the 1991–96 period and find that in every case, ex ante hedging would have been effective in reducing risk. I provide quantitative...

This paper makes both a methodological as well as a substantive contribution to the literature on the concavity of the production possibility frontier (PPF). Rather than using the standard, calculus-based techniques, the method here relies on the fact that the PPF is a maximum value function....

While production decisions in the presence of price uncertainty have been extensively studied, this is not so for the case in which the level of production is itself uncertain. In this paper,we provide a decision analysis under multiplicative production uncertainty, both with and without price...

La funzione del Prodotto Nazionale Lordo (o reddito) è sempre più utilizzata nell’ambito della teoria del commercio internazionale. Tuttavia il suo impiego è stato ampiamente limitato per ottenere condizioni di reciprocità e per determinare proprietà di omogeneità dell’offerta di...

When Analyzing Immiserizing Growth For A Tariff-Ridden Small Country, The Ubiquitous Assumption Of Normality In Consumption Is Shown To Be Unnecessary. A Condition Implied By The Optimality Of Free Trade Preserves The Existing Results Even If Either Good Is Inferior.