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Comparative Statics for a Decision Model with Two Choice Variables and Two Random Variables: A Mean–Standard Deviation Approach

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  • Gyemyung Choi
  • Iltae Kim

Abstract

The decision model with two choice variables and two random variables, an extension of Feder, or Just and Pope, is examined here. Under the mean–standard deviation framework we derive the comparative statics results concerning the effects of a change in the mean, variance and covariance of the random parameters. Some restrictions on the random variables and on the decision model are considered for unambiguous comparative statics predictions.

Suggested Citation

  • Gyemyung Choi & Iltae Kim, 2001. "Comparative Statics for a Decision Model with Two Choice Variables and Two Random Variables: A Mean–Standard Deviation Approach," Manchester School, University of Manchester, vol. 69(4), pages 369-376, September.
    • Handle: RePEc:bla:manchs:v:69:y:2001:i:4:p:369-376
    DOI: 10.1111/1467-9957.00253
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