Cost Function Estimation under Risk Aversion
提出一种在随机生产中考虑决策者风险厌恶的成本函数估计方法，适用于非恒定规模报酬，解决了传统事后估计有偏且不一致的问题。
Abstract Standard definitions of the cost function do not admit risk. Standard ( ex post ) approaches to cost function estimation yield biased and inconsistent estimates when production is stochastic. Recently an ( ex ante ) approach to cost function estimation with stochastic production has been developed by imbedding the distance function in the cost function estimation problem. We generalize the approach to consider risk aversion in decision making. Only two empirical studies have considered stochastic production in cost function estimation. Both have required constant returns to scale. We demonstrate a methodology sufficiently general to consider nonconstant returns to scale.