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2011 | OriginalPaper | Chapter

15. Risk and Uncertainty

Author : Svend Rasmussen

Published in: Production Economics

Publisher: Springer Berlin Heidelberg

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Abstract

Closely linked with the problems associated with the timing of production, as discussed in the last chapter, is risk and uncertainty, which are often associated with the production and sale of products. Implementation of production that takes a very long time is often associated with uncertainty regarding the price which can be obtained for the product by selling at a later date. When it comes to bio-based production such as agricultural crops and other agricultural products, there is also uncertainty as to the production yield, since climatic conditions and diseases may play a role.

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previous chapter Production Over Time
next chapter Economic Rent and the Value of Land
Footnotes
1
We assume that prices and weather conditions are independent variables. This may not be the case in real life because the weather influences yield, which may influence prices.
 
2
Students who wish to study this subject further are referred to the vast literature on this subject, for example Hershleifer and Riley (1992) and Chambers and Quiggin (2000).
 
Metadata
Title
Risk and Uncertainty
Author
Svend Rasmussen
Copyright Year
2011
Publisher
Springer Berlin Heidelberg
Book
Production Economics

Print ISBN: 978-3-642-14609-1

Electronic ISBN: 978-3-642-14610-7

Copyright Year: 2011

DOI
https://doi.org/10.1007/978-3-642-14610-7_15