This paper extends the existing estimation methods to allow estimation under simultaneous price and output uncertainty. In contrast with the previous literature, our approach is applicable to the direct and indirect utility functions and does not require specification and estimation of the...

This paper extends the existing estimation methods to allow estimation under simultaneous price and output uncertainty. In contrast with the previous literature, our approach is applicable to the direct and indirect utility functions and does not require specification and estimation of the...

This paper presents a rigorous test of statistical independence (as opposed to lack of correlation) between two random variables.

This paper extends the existing estimation methods to allow empirical estimation and hypothesis testing under joint production and price uncertainty. Our approach modifies and expands the use of duality theory. Furthermore, our approach does not require the specification or estimation of the...

Without adopting restrictive assumptions, we show the impact of the output risk on the optimal hedge, output and the hedge ratio.

This article provides empirical comparative statics under simultaneous price and output uncertainty. In so doing, it presents a simple (one-step) and general statistical methodology under price and output uncertainty.