Estimation of Moments and Production Decisions Under Uncertainty

Elie Appelbaum · Aman Ullah

54 citations0/0 files storedThe Review of Economics and Statistics

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Decision-Making and Behavioral Economics Capital Investment and Risk Analysis Agricultural risk and resilience

Abstract

The purpose of this paper is to examine production decisions under output price uncertainty. Using a nonparametric estimation technique to estimate the first four moments of the unknown price distribution and applying duality, we provide a simple empirical framework for the analysis of supply and demand decisions under price uncertainty. The model is used to examine the importance of higher moments in the firm's production decisions and to investigate underlying attitudes toward risk.

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1971On the theory of the competitive firm under price uncertainty 1993Journal of Economic Theory 1982The estimation of the degree of oligopoly power

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2003Methodological Advances in DEA: A survey and an application for the Dutch electricity sector 2005Quantity Discounts from Risk Averse Sellers 2007Recent applications of theory of the firm under uncertainty 2006Price and output risk: empirical analysis 2005A framework for empirical applications of production theory without expected utility 2000Estimating the firm's demand and supply functions under uncertainty without expected utility

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