Abstract
In this paper we develop a framework for the empirical analysis of production theory under uncertainty. Applying duality theory and using a flexible functional form for technology, we provide a model for production decisions under uncertainty that can be easily estimated and used to identify attitudes towards risk. Furthermore, we provide a measure of degree of risk aversion and a direct test for the risk aversion hypothesis.
Elie Appelbaum, Aman Ullah. (1984) AN EMPIRICAL TEST OF THE RISK AVERSION HYPOTHESIS, Pakistan Journal of Applied Economics, Volume-03, Issue-1.
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