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Decomposing input adjustments under price and production uncertainty

Chambers, Robert G; Quiggin, John

Description

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.

CollectionsANU Research Publications
Date published: 2001
Type: Journal article
URI: http://hdl.handle.net/1885/67204
Source: American Journal of Agricultural Economics

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