A Stochastic Theory of Production Correspondences

摘要

An axiomatic model of production technology under uncertainty is formulated from a purely technical point of view as a generalization of Shephard (1970-a) and Shephard/Fare (1980)'s framework for a general theory production. The uncertain technical feasibility of production is characterized by inversely related stochastic input and output correspondences. This model of technology is then synthesized with a Radner (1968) type model of information for a formulation of production policies. This synthesis is used to give formulations of laws of returns under uncertainty. Finally, a generalized notion of homothetic production correspondences is developed to give special-structured stochastic production models which allow explicit consideration of optimal production policies. (Author)