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Volume II First Annual Conference on AGRICULTURAL POLICY AND THE ENVIRONMENT: CERTAINTY EQUIVALENT PRICES AND PRODUCER WELFARE UNDER PRICE UNCERTAINTY

Author

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  • Tsur, Yacov
  • Zilberman, David

Abstract

Producer welfare indices under price uncertainty are derived using the concept of certainty equivalent prices. In this approach the marginal cost function is used instead of the ex-ante supply function; the effects of uncertainty and risk preference are captured by certainty equivalent prices. Implications for welfare evaluation are discussed.

Suggested Citation

  • Tsur, Yacov & Zilberman, David, 1990. "Volume II First Annual Conference on AGRICULTURAL POLICY AND THE ENVIRONMENT: CERTAINTY EQUIVALENT PRICES AND PRODUCER WELFARE UNDER PRICE UNCERTAINTY," Staff Papers 297345, University of Minnesota, Department of Applied Economics.
    • Handle: RePEc:ags:umaesp:297345
    DOI: 10.22004/ag.econ.297345
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