scholarly journals Dairy Supply and Factor Demand Response to Output Price Risk: An Econometric Assessment

1989 ◽  
Vol 18 (2) ◽  
pp. 103-108 ◽  
Author(s):  
Yir-Hueih Luh ◽  
Spiro E. Stefanou
Keyword(s):  
Decision Making ◽  
Expected Utility ◽  
Price Risk ◽  
Demand Functions ◽  
Output Price ◽  
Price Series ◽  
Factor Demand ◽  
Variable Factor ◽  
Production Decision ◽  
Econometric Assessment

The model of production decision making for the expected utility maximizing firm under output price uncertainty is applied to a panel Pennsylvania dairy operators. The model generalized duality implemented in this paper has the advantage of generating a system of supply and variable factor demand functions that consistently account for the presence of output price risk. The application to Pennsylvania dairy operators indicates that output price risk measured by the second and third moments of individual operators’ historical output price series is not an important factor in production decision making. In addition to not maximizing expected utility, these operators are not expected profit maximizers.

Political Asylum in Germany: International Norms and Domestic Politics

1998 ◽  
Vol 16 (2) ◽  
pp. 32-49
Author(s):  
John Bendix ◽  
Niklaus Steiner
Keyword(s):  
Decision Making ◽  
Foreign Policy ◽  
Political Parties ◽  
International Relations ◽  
Expected Utility ◽  
Comparative Politics ◽  
Domestic Politics ◽  
National Interest ◽  
Political Asylum ◽  
German Politics

Although political asylum has been at the forefront of contemporaryGerman politics for over two decades, it has not been much discussedin political science. Studying asylum is important, however,because it challenges assertions in both comparative politics andinternational relations that national interest drives decision-making.Political parties use national interest arguments to justify claims thatonly their agenda is best for the country, and governments arguesimilarly when questions about corporatist bargaining practices arise.More theoretically, realists in international relations have positedthat because some values “are preferable to others … it is possible todiscover, cumulate, and objectify a single national interest.” Whileinitially associated with Hans Morgenthau’s equating of nationalinterest to power, particularly in foreign policy, this position hassince been extended to argue that states can be seen as unitary rationalactors who carefully calculate the costs of alternative courses ofaction in their efforts to maximize expected utility.

Specialist versus Generalist Decision Making

2018 ◽  
Author(s):  
Armin W. Schulz
Keyword(s):  
Decision Making ◽  
Expected Utility ◽  
Utility Maximization ◽  
Decision Rules ◽  
Mental States ◽  
Vast Array ◽  
Expected Utility Maximization

A number of scholars argue that human and animal decision making, at least to the extent that it is driven by representational mental states, should be seen to be the result of the application of a vast array of highly specialized decision rules. By contrast, other scholars argue that we should see human and animal representational decision making as the result of the application of a handful general principles—such as expected utility maximization—to a number of specific instances. This chapter shows that, using the results of chapters 5 and 6, it becomes possible to move this dispute forwards: the account of the evolution of conative representational decision making defended in chapter 6 together with the account of the evolution of cognitive representational decision making defended in chapter 5, makes clear that both sides of this dispute contain important insights, and that it is possible to put this entire dispute on a clearer and more precise foundation. Specifically, I show that differentially general decision rules are differentially adaptive in different circumstances: certain particular circumstances favor specialized decision making, and certain other circumstances favor more generalist decision making.

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