A Simple Duality Model of Production Incorporatin Risk Aversion and Price Uncertainty |
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Authors: | Barry T Coyle |
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Institution: | University of Manitoba, Winnipeg, NB |
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Abstract: | Proceeding within the framework of a linear mean-variance utility function, this paper outlines a duality model of production that incorporates risk aversion and price uncertainty. In contrast to risk models based on an expected utility function, this model provides a practical alternative to standard duality models for econometric research. |
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