Firms and farmers, under pure competition, must make production decisions in the face of price uncertainty. The author … the impact of price uncertainty on the behavior of the firm. Drawing upon the work of Knight, Hicks, von Neumann, and …

oil price shocks induced high price volatility in the industry. The price volatility created immense pressures for price … adapt to price uncertainty. This paper in particular examines the effects of input price uncertainty on vertical integration … integration, measured by their degrees of input self-sufficiency, were positively related to input price volatility during the …