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Título : The optimal behaviour of firms facing stochastic costs
Autor : Nicolini, Rosella; Menoncin, Francesco
Palabras clave : Firm behaviour
Portfolio theory
Risk aversion
Uncertainty
Fecha de publicación : 3-feb-2005
Serie : UFAE and IAE Working Papers
640.05
Resumen: This paper aims at assessing the optimal behavior of a firm facing stochastic costs of production. In an imperfectly competitive setting, we evaluate to what extent a firm may decide to locate part of its production in other markets different from which it is actually settled. This decision is taken in a stochastic environment. Portfolio theory is used to derive the optimal solution for the intertemporal profit maximization problem. In such a framework, splitting production between different locations may be optimal when a firm is able to charge different prices in the different local markets.
URI : http://hdl.handle.net/10261/1765
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