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| Author: | Appelbaum, E. Ullah, A. |
| Title: | Estimation of moments and production decisions under uncertainty |
| Journal: | Review of Economics and Statistics
1997 : NOV, VOL. 79:4, p. 631-637 |
| Index terms: | STATISTICS UNCERTAINTY ESTIMATION |
| Language: | eng |
| 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, the authors 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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