Decomposing input adjustments under price and production uncertainty

Chambers, Robert G; Quiggin, John

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Decomposing input adjustments under price and production uncertainty

Date

2001

Authors

Chambers, Robert G

Quiggin, John

Publisher

Blackwell Publishing Ltd

Abstract

A decomposition of input adjustments for stochastic technologies is developed and applied to the case of actuarially fair production insurance. The decomposition consists of a pure-risk effect and an expansion effect which are analogous to the Hicks-Allen decomposition familiar from consumer theory.

Keywords

Keywords: Duality; Input use; State-contingent technology; Uncertainty

URI

http://hdl.handle.net/1885/67204

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Open Access Research

Source

American Journal of Agricultural Economics

Type

Journal article

Restricted until

2037-12-31

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Decomposing input adjustments under price and production uncertainty

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