A SIMPLE DUALITY MODEL OF PRODUCTION INCORPORATING RISK AVERSION AND PRICE UNCERTAINTY

Proceeding within the framework of a linear mean-variance utility function, this paper develops a duality model of production that incorporates risk aversion and price uncertainty. In contrast to risk models based on an expected utility function, this model provides a practical alternative to standard duality models for econometric research.


Issue Date:
Aug 05 1990
Publication Type:
Conference Paper/ Presentation
Record Identifier:
http://ageconsearch.umn.edu/record/270863
Language:
English
Total Pages:
14




 Record created 2018-04-06, last modified 2018-04-06

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