PRODUCTION TECHNOLOGY UNCERTAINTY AND THE OPTIMAL LOCATION OF THE FIRM*
研究了生产技术不确定性如何影响风险规避企业的选址决策，发现当风险规避程度超过利润关于选址的凸性时，企业会选择中间位置而非角落位置以规避风险。
ABSTRACT This paper investigates the implication of production‐technology uncertainty for the exclusion theorem. The paper presents the result that the risk‐averse firm facing production technology uncertainty prefers an intermediate location to avoid risk under certain conditions. The firm chooses an intermediate location (over a corner location) particularly if its degree of risk aversion overwhelms the inherent convexity of profit with respect to location. The latter depends, in turn, on the structure of production technology characterized by the elasticity of substitution and returns to scale parameters.