文章基本信息

标题：A BAYESIAN FRAMEWORK FOR OPTIMAL INPUT ALLOCATION WITH AN UNCERTAIN STOCHASTIC PRODUCTION FUNCTION
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作者：Griffiths, William E.
期刊名称：Journal of Food Distribution Research
印刷版ISSN：0047-245X
出版年度：1986
页码：128-152
出版社：Food Distribution Research Society
摘要：A Bayesian approach is used to provide a framework for optimal input allocation for a stochastic production function with uncertain parameters. The chosen production function is a single-input version of a function which can exhibit positive or negative marginal risk. The sensitivity of optimal input allocation to the degree of risk aversion, the marginal risk parameter, and the assumed level of uncertainty about the parameters is examined. Using an example problem it is shown that parameter uncertainty will not always lead to a lower input level when a producer is risk averse. Some problems with the production function specification are uncovered, as is the incompatibility of some expected utility and stochastic assumptions.