THE IMPACT OF UNCERTAINTY UPON THE MULTIPRODUCT FIRM.
In the present paper, we propose to examine the decision problem confronting a multiproduct, multi-input firm facing random demand functions.[1] While our analysis will accommodate monopoly and/or monopsony, we are a bit restrictive in treating only the long-run case, i.e., we assume no fixed factor...
| Publicado en: | Southern Economic Journal Vol. 44; no. 1; pp. 136 - 143 |
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| Autores principales: | , |
| Formato: | Artículo |
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Wiley-Blackwell
Jul77
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=4634846&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4634846 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00384038 SEJ jtl: Southern Economic Journal issn: 00384038 maglogo: N pubinfo: dt: Jul77 vid: 44 iid: 1 pid: 480 pub: Wiley-Blackwell artinfo: ui: 4634846 10.2307/1057307 ppf: 136 ppct: 7 formats: tig: atl: THE IMPACT OF UNCERTAINTY UPON THE MULTIPRODUCT FIRM. aug: au: Blair, Roger D. Heggestad, Arnold A. su: Multiproduct firms Uncertainty Demand function sug: subj: Multiproduct firms Uncertainty Demand function ab: In the present paper, we propose to examine the decision problem confronting a multiproduct, multi-input firm facing random demand functions.[1] While our analysis will accommodate monopoly and/or monopsony, we are a bit restrictive in treating only the long-run case, i.e., we assume no fixed factors of production. The analysis is conducted in the expected utility maximization framework. Thus, different attitudes toward risk can be considered. By way of foreshadowing, as one would expect, the presence of uncertainty coupled with non-neutral attitudes toward risk lead to modifications of the traditional results. <BR> Due to the important results of portfolio theory and the lively interest in conglomerate firms, we examined our results for a certain class of utility functions, viz., the exponential. The purpose of this examination was to ascertain the multiproduct influence upon the output decision of a single product. The popularly held notion that product diversification will lead to an expansion of all outputs appears to be a special case. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1977 holdings: @attributes: islocal: N |
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