The Forward‐Looking Competitive Firm under Uncertainty
证明，在现实条件下，前瞻性的风险规避企业会比风险中性企业生产更多，且价格分布的均值保持展形会增加风险规避企业的产量，这取决于企业意识到后续生产所需投入品的价格与产出价格同期相关。该研究解释了销售随时间分散、短期生产或储存预期亏损等此前未解释的现实行为，并暗示实证研究不应假设或发现产量与风险水平或风险规避程度之间存在单调关系。
Abstract Under realistic circumstances, forward‐looking risk‐averse firms will produce more than risk‐neutral firms, and a mean‐preserving spread of the price distribution will increase risk‐averse firms' production. These results depend on firms realizing that prices of inputs required for production in subsequent periods are contemporaneously correlated with output prices. This study rationalizes previously unexplained real‐world behavior such as the spreading of sales over time and short‐run production (or storage) at an expected loss. The present findings imply that empirical work should not assume, nor should it find, a monotonic relationship between output and the level of risk or of risk aversion.