Estimation of Moments and Production Decisions Under Uncertainty
The Review of Economics and Statistics, Vol. LXXIX, No. 4 (November 1997)
Posted: 1 May 1998
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.
JEL Classification: D21, D24
Suggested Citation: Suggested Citation
Appelbaum, Elie and Ullah, Aman, Estimation of Moments and Production Decisions Under Uncertainty. The Review of Economics and Statistics, Vol. LXXIX, No. 4 (November 1997), Available at SSRN: https://ssrn.com/abstract=82428
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