Accession Number:

ADA099813

Title:

A Stochastic Theory of Production Correspondences.

Descriptive Note:

Research rept.,

Corporate Author:

CALIFORNIA UNIV BERKELEY OPERATIONS RESEARCH CENTER

Personal Author(s):

Report Date:

1981-03-01

Pagination or Media Count:

118.0

Abstract:

An axiomatic model of production technology under uncertainty is formulated from a purely technical point of view as a generalization of Shephard 1970-a and ShephardFare 1980s framework for a general theory production. The uncertain technical feasibility of production is characterized by inversely related stochastic input and output correspondences. This model of technology is then synthesized with a Radner 1968 type model of information for a formulation of production policies. This synthesis is used to give formulations of laws of returns under uncertainty. Finally, a generalized notion of homothetic production correspondences is developed to give special-structured stochastic production models which allow explicit consideration of optimal production policies. Author

Subject Categories:

  • Statistics and Probability

Distribution Statement:

APPROVED FOR PUBLIC RELEASE