Stochastically dominating shifts and the competitive firm |
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| Institution: | 1. Benjamin M. Statler College of Engineering and Mineral Resource, West Virginia University, Morgantown, WV 26506, United States;2. Department of Management, Economics and Industrial Engineering, Politecnico di Milano, Piazza Leonardo Da Vinci 32, 20133 Milano, Italy;3. Advanced Manufacturing Research Center, Youngstown State University, Youngstown, OH 44555, United States;1. Department of Urban and Regional Planning, Norwegian University of Life Sciences, Norway;2. Humphrey School of Public Affairs, University of Minnesota, United States;3. Department of Urban and Regional Planning, Norwegian University of Life Sciences, Norway |
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| Abstract: | The production responses of the competitive firm to stochastically dominating shifts in the distribution of output-price have been the object of much research. In a recent paper, Simpson and Sproule Metroeconomica 51 (2) (2000) 168–181] present five sets of sufficient conditions, any one of which may be used to jointly sign the production responses of the competitive firm to first-, second-, and third-order stochastically dominating shifts. This paper demonstrates that one of the conditions outlined in the above mentioned reference is unnecessarily restrictive in the case of the logarithmic and the positive-power utility functions. |
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