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Estimation of Moments and Production Decisions Under Uncertainty

Elie Appelbaum¹; Aman Ullah²

¹ York University · ² University of California, Riverside

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.

DOI

10.1162/003465397557033

Volume

79 (4)

Pages

631-637

Language

en

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