. -- Prospect theory ; mean-variance model ; indifference curve ; price uncertainty ; hedging …

,sigma)-preference. In contrast to the literature our findings show that the production under uncertainty can be larger than in the certainty …Within the prospect theory the paper examines production and hedging decisions of a competitive firm under price … uncertainty. We consider the prospect theory for the firm's utility function in the two moment model known as (mu …

Previous studies focused on the comparison of the optimal output levels of regret- averse firms under uncertainty and … firms under certainty. This paper extends the theory by further investigating the effects of regret-aversion on production …. We compare the optimal output levels of regret-averse firms with purely risk- averse firms under uncertainty and firms …