| 中文摘要 |
The subtle combination of exponential utility function and moment-generating functions (hereafter the EU-MGF approach) was originally introduced by J.J. McCall. When firms have utility functions with constant absolute risk aversion, McCall has demonstrated that for any arbitrary distribution the optimal output for the risk averse firm is no larger than the optimal output for the risk indifferent firm which in tum is no larger than the output of the risk preference firm. This result is generalized by Sandmo and Leland where neither the specification of the utility function nor the distribution of the random variable is required. The EU-MGF approach is shown to be special cases of these more general results. However, as noted by Yassour, Zilberman and Rausser, 'while these theoretical models are interesting and insightful, their empirical weakness lies in their theoretical strength. They are too general. Quantitative analysis requires more detailed specifications.' |
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