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Risk Aversion and Price Risk in Duality Models of Production: A Linear Mean-Variance Approach

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  • Barry T. Coyle

Abstract

A duality model of production is developed that permits risk aversion and price uncertainty. The linear mean-variance framework employed is tractable for empirical research, in contrast to duality models of risk based on a generalized expected utility function. The framework is more general than in standard price certainty models while retaining the simplicity needed for empirical research.

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  • Barry T. Coyle, 1992. "Risk Aversion and Price Risk in Duality Models of Production: A Linear Mean-Variance Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 74(4), pages 849-859.
    • Handle: RePEc:oup:ajagec:v:74:y:1992:i:4:p:849-859.
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    File URL: http://hdl.handle.net/10.2307/1243182
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