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The Effect of Uncertainty on Resource Allocation in a General Equilibrium Model

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  • Thomas J. Rothenberg
  • Kenneth R. Smith

Abstract

I. Introduction, 440. — II. Some partial equilibrium results, 442. — III. Model One: Bandom labor supply, 444.—IV. Model Two: Random production parameter, 453.—V. Summary and conclusions, 458.—Appendix, 458.

Suggested Citation

  • Thomas J. Rothenberg & Kenneth R. Smith, 1971. "The Effect of Uncertainty on Resource Allocation in a General Equilibrium Model," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 85(3), pages 440-459.
    • Handle: RePEc:oup:qjecon:v:85:y:1971:i:3:p:440-459.
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    Citations

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    Cited by:

    1. Pope, Rulon D. & Kramer, Randall A., 1978. "Production Uncertainty and Factor Demands for the Competitive Firm," Working Papers 225637, University of California, Davis, Department of Agricultural and Resource Economics.
    2. Rulon D. Pope & Richard E. Just, 1977. "On The Competitive Firm Under Production Uncertainty," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 21(2), pages 111-118, August.
    3. Ana Paula Martins, 2008. "Uninsurable Risks: Uncertainty in Production, the Value of Information and Price Dispersion," Economics Bulletin, AccessEcon, vol. 28(8), pages 1.
    4. Harris Dellas & Ana Fernandes, 2006. "The Allocation of Resources under Uncertainty," Diskussionsschriften dp0606, Universitaet Bern, Departement Volkswirtschaft.
    5. Antle, John M., 1983. "Production Dynamics, Uncertainty, and Agricultural Decision Analysis," Working Papers 225705, University of California, Davis, Department of Agricultural and Resource Economics.
    6. Jonathan Eaton & Gene M. Grossman, 1985. "Tariffs as Insurance: Optimal Commercial Policy When Domestic Markets Are Incomplete," Canadian Journal of Economics, Canadian Economics Association, vol. 18(2), pages 258-272, May.
    7. Andrew Daughety, 1978. "Stochastic Production and Cost Production Duality," Discussion Papers 356R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    8. Willmann, Gerald & Debaere, Peter & Glaser, Toni, 2015. "Choosing between Protectionism and Free Trade in an Uncertain World," CEPR Discussion Papers 10625, C.E.P.R. Discussion Papers.
    9. Garey Ramey & Valerie A. Ramey, 1991. "Technology Commitment and the Cost of Economic Fluctuations," NBER Working Papers 3755, National Bureau of Economic Research, Inc.

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