Decomposing input adjustments under price and production uncertainty

Robert G. Chambers; John Quiggin

doi:10.1111/0002-9092.00134

Decomposing input adjustments under price and production uncertainty

Robert G. Chambers, John Quiggin

Research output: Contribution to journal › Article › peer-review

17 Citations (Scopus)

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.

Original language	English
Pages (from-to)	20-34
Number of pages	15
Journal	American Journal of Agricultural Economics
Volume	83
Issue number	1
DOIs	https://doi.org/10.1111/0002-9092.00134
Publication status	Published - 2001

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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.",

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KW - Duality

KW - Input use

KW - State-contingent technology

KW - Uncertainty

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Decomposing input adjustments under price and production uncertainty

Abstract

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