Sequential Decision Making in Production Models
指出农业生产中的投入决策通常是序贯的，而非单期决策。通过两期Cobb-Douglas例子，展示序贯解可能需用单方程或联立方程估计，并讨论动态生产模型中的函数可分性、随机设定与不确定性行为。
Abstract Single equation estimates of production models usually are justified by the assumption that production inputs are chosen as part of a one‐period decision problem. Yet, most production decisions in agriculture are made sequentially. In this paper the farmer's optimal input choices are modeled as optimal controls in a stochastic control problem. A two‐period Cobb‐Douglas example is used to show that sequential solutions to production problems may yield models which require either single equation or simultaneous equation estimators. Functional separability, stochastic specification, and behavior under uncertainty are discussed in the context of dynamic production models.