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Production decisions under joint price and production uncertainty

โœ Scribed by Ardeshir J. Dalal; Moawia Alghalith


Book ID
108118588
Publisher
Elsevier Science
Year
2009
Tongue
English
Weight
267 KB
Volume
197
Category
Article
ISSN
0377-2217

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This article introduces Knightian uncertainty into the production and futures hedging framework. The firm has imprecise information about the probability density function of spot or futures prices in the future. Decision-making under such scenario follows the "max-min" principle. It is shown that in