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On uncertainty when it affects successive markets.

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Jaskold Gabszewicz, Jean [UCL] Tarola, Ornella [Università La Sapienza di Roma] Zanaj, Skerdilajda [University of Luxembourg]

In this paper, we examine how uncertainty can affect successive markets, when uncertainty can jointly influence both the upstream and downstream markets' conditions. The main result of the paper is that the equilibrium input and output quantities under stochastic dependence can be higher or lower than the corresponding quantities in the case of certainty equivalence depending on how much dependent are the events.

Document type Document de travail (Working Paper)
Access type Accès libre
Publication date 2009
Language Anglais
Number of pages 8 pages
Collection Core Discussion Papers - 2009/27
Affiliations UCL - EUEN/CORE - Center for operations research and econometrics
Università La Sapienza di Roma - DTE
University of Luxembourg - CREA
Links
Bibliographic reference Jaskold Gabszewicz, Jean ; Tarola, Ornella ; Zanaj, Skerdilajda. On uncertainty when it affects successive markets.. Core Discussion Papers ; 2009/27 (2009) 8 pages
Permanent URL http://hdl.handle.net/2078.1/22744