ON THE COMPETITIVE FIRM UNDER PRODUCTION UNCERTAINTY

Risky production functions which are commonly in use are shown to be very restrictive. In particular, such functions cannot describe technologies where inputs marginally reduce risk. A simple production function which avoids these restrictions is posited and alternative estimation procedures are discussed. Both maximum likelihood and multistage estimators are discussed.

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Year of publication:	1977
Authors:	Pope, Rulon D. ; Just, Richard E.
Published in:	Australian Journal of Agricultural Economics. - Australian Agricultural and Resource Economics Society - AARES. - Vol. 21.1977, 02
Publisher:	Australian Agricultural and Resource Economics Society - AARES
Subject:	Production Economics

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

Persistent link: https://www.econbiz.de/10005493330