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Price uncertainty and competitive firm behavior: Testable hypotheses from expected utility maximization |
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| Authors: | Jean-Paul Chavas Rulon Pope |
| Affiliation: | 1. Associate Professor of Agricultural Economics, University of Wisconsin-Madison, Madison, Wisconsin, USA;2. Associate Professor of Economics, Brigham Young University, Provo, Utah, USA |
| Abstract: | This article derives the general implications of expected utility maximization for the static model of the competitive firm under output price uncertainty for any risk preference and probability structure. Implications of the results for the empirical analysis of risk-responsive behavior under uncertainty are discussed. |
| Keywords: | Address reprint requests to Professor Jean-Paul Chavas Department of Agricultural Economics College of Agricultural and Life Sciences University of Wisconsin-Madison 427 Lorch Street Madison WI 53706. |
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