Factor Allocations under Uncertainty: An Extension

In this paper the factor supply results of Leland [3], Sandmo [5], and Block and Heineke [2] are generalized to include the case of a household making a joint savingslabor supply decision when the returns to both factors are uncertain. The preference restrictions underlying the "savings only&qu...

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Bibliographic Details
Published in:Southern economic journal 1975-01, Vol.41 (3), p.526-530
Main Authors: Block, M. K., Heineke, J. M.
Format: Article
Language:English
Subjects:
Communications
Economic uncertainty
Labor supply
Leisure
Random variables
Recreation
Risk aversion
Savings rates
Substitution effect
Wage rate
Wage rates
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Summary:In this paper the factor supply results of Leland [3], Sandmo [5], and Block and Heineke [2] are generalized to include the case of a household making a joint savingslabor supply decision when the returns to both factors are uncertain. The preference restrictions underlying the "savings only" and "labor only" models are shown to be...
ISSN:0038-4038
2325-8012
DOI:10.2307/1056164