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Article: Regret Theory and the Competitive Firm Revisited

TitleRegret Theory and the Competitive Firm Revisited
Authors
Issue Date2016
PublisherSpringer. The Journal's web site is located at http://www.springer.com/economics/journal/40822
Citation
Eurasian Economic Review, 2016, v. 6 n. 3, p. 481-487 How to Cite?
AbstractThis paper revisits the impact of regret aversion on the behavior of the competitive firm under price uncertainty. We show that the firm optimally produces more (less) when regret aversion prevails if the random output price is positively (negatively) skewed. In this case, high (low) output prices are much more likely to be seen than low (high) output prices. To avoid regret, the firm is induced to raise (lower) its output optimal level. The skewness of the price distribution as such plays a pivotal role in determining how regret aversion affects the firm's production decision.
Persistent Identifierhttp://hdl.handle.net/10722/237063
ISSN
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorBroll, U-
dc.contributor.authorWelzel, P-
dc.contributor.authorWong, KP-
dc.date.accessioned2016-12-20T06:15:46Z-
dc.date.available2016-12-20T06:15:46Z-
dc.date.issued2016-
dc.identifier.citationEurasian Economic Review, 2016, v. 6 n. 3, p. 481-487-
dc.identifier.issn1309-422X-
dc.identifier.urihttp://hdl.handle.net/10722/237063-
dc.description.abstractThis paper revisits the impact of regret aversion on the behavior of the competitive firm under price uncertainty. We show that the firm optimally produces more (less) when regret aversion prevails if the random output price is positively (negatively) skewed. In this case, high (low) output prices are much more likely to be seen than low (high) output prices. To avoid regret, the firm is induced to raise (lower) its output optimal level. The skewness of the price distribution as such plays a pivotal role in determining how regret aversion affects the firm's production decision.-
dc.languageeng-
dc.publisherSpringer. The Journal's web site is located at http://www.springer.com/economics/journal/40822-
dc.relation.ispartofEurasian Economic Review-
dc.rightsThe final publication is available at Springer via http://dx.doi.org/10.1007/s40822-016-0053-x-
dc.titleRegret Theory and the Competitive Firm Revisited-
dc.typeArticle-
dc.identifier.emailWong, KP: kpwong@econ.hku.hk-
dc.identifier.authorityWong, KP=rp01112-
dc.description.naturepostprint-
dc.identifier.doi10.1007/s40822-016-0053-x-
dc.identifier.hkuros270852-
dc.identifier.volume6-
dc.identifier.issue3-
dc.identifier.spage481-
dc.identifier.epage487-
dc.identifier.isiWOS:000403683500006-
dc.publisher.placeGermany-

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