Production economics in the presence of risk
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This paper provides an overview of the literature on production under the influence of
risk. Various specifications of stochastic production function such as models with
additive and multiplicative uncertainty, Just and Pope model, output-cubical, stateallocable
and state-general models are discussed. Further, criteria determining optimal
producer behaviour are derived for deterministic production technology and for various
kinds of state-contingent technologies such as output-cubical, state-specific, stateallocable
and state-general technologies. Finally, a brief discussion is presented about
the drawbacks of each of these specifications of technology.