Decomposing Input Adjustments under Price and Production Uncertainty

A decomposition of input adjustments for stochastic technologies is developed and applied to the case of actuarially fair production insurance. The decomposition consists of a pure-risk effect and an expansion effect which are analogous to the Hicks-Allen decomposition familiar from consumer theory. Copyright 2001, Oxford University Press.

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Year of publication:	2001
Authors:	Chambers, Robert G. ; Quiggin, John
Published in:	American Journal of Agricultural Economics. - Agricultural and Applied Economics Association - AAEA. - Vol. 83.2001, 1, p. 20-34
Publisher:	Agricultural and Applied Economics Association - AAEA

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Extent:	application/pdf
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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