Publication Type:
journal articles
Publication Year:
1997
Publication Bibliography:
Estimation Of Moments And Production Decisions Under Uncertainty
(with A. Ullah)
The Review of Economics and Statistics , 1997, 79(4), pp.631-637
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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