Comparative statics for state-contingent technologies

The implications of supermodularity conditions in comparative-static analysis are analyzed for a generalized version of the separable-effort representation of a firm facing stochastic prices and a stochastic technology. Previous analysis is generalized in two ways. General risk-averse, as opposed to...

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Veröffentlicht in:	Journal of economics (Vienna, Austria) Austria), 2008-03, Vol.93 (2), p.203-214
Hauptverfasser:	Chambers, R. G., Quiggin, J.
Format:	Artikel
Sprache:	eng
Schlagworte:	Agricultural economics Commercial production Correspondence Cost functions Cost structure Economic theory Economic Theory/Quantitative Economics/Mathematical Methods Economic uncertainty Economics Economics and Finance Game Theory Macroeconomics/Monetary Economics//Financial Economics Microeconomics Objective functions Price stabilization Production functions Public Finance Risk aversion Social and Behav. Sciences Stochastic models Studies Technology Utility functions Written correspondence
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Beschreibung
Zusammenfassung:	The implications of supermodularity conditions in comparative-static analysis are analyzed for a generalized version of the separable-effort representation of a firm facing stochastic prices and a stochastic technology. Previous analysis is generalized in two ways. General risk-averse, as opposed to expected-utility, preferences are considered. The stochastic technology is represented by an Arrow-Debreu state-space representation. It is shown that results familiar from the theory of the price-taking firm in the absence of risk generalize to the uncertain case.
ISSN:	0931-8658 1617-7134
DOI:	10.1007/s00712-007-0291-1