Working Paper Ircres-CNR 04/2015                               
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Microeconomia in incertezza:
un quadro di riferimento per l’analisi
dei rischi d’impresa

[MICROECONOMICS UNDER UNCERTAINTY:
A FRAMEWORK FOR THE ANALYSIS OF BUSINESS RISKS]

Franco Varetto
National Research Council of Italy
Research Institute on Sustainable Economic Growth
CNR-IRCrES, Collegio Carlo Alberto - via Real Collegio, n. 30
10024 Moncalieri (Torino) – ITALY

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Abstract: The introduction of risk in the microeconomic theory has some important effects on the behavior of the competitive firms: the level of optimal production under condition of risk is lower than under certainty; the optimal mix of productive input shifts to ones with less uncertainty; vertical integration, diversification and hedging are as many responses for optimal management of risks. The conclusions of the microeconomics under uncertainty depend also from the way the risk is modeled: additive risk is easier to handle than multiplicative risk, and conclusions from that are closer to microeconomics under certainty.

Keywords: Microeconomics, uncertainty, risk, expected utility, hedging

JEL Codes: D01, D21, D24, D41, D81