PRODUCTION RISK AND EFFICIENT ALLOCATION OF RESOURCES

Efficient allocation of resources has usually been couched in risk less terms, partly because statistical techniques did not exist for measuring the impact of varying levels of factors of production on risks associated with production. Now that such techniques are available, methods are required for determining efficient allocations. Such models, particularly those exploiting stochastic efficiency analysis, are illustrated here with respect to empirical risk-sensitive, farm-firm production functions.


Issue Date:
1982-12
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/22706
Published in:
Australian Journal of Agricultural Economics, Volume 26, Number 3
Page range:
226-232
Total Pages:
7




 Record created 2017-04-01, last modified 2017-08-24

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