Decisiones de producción de las empresas en condiciones de incertidumbre de precios

This paper develops several alternative models that explain the production decisions of a competitive firm when there is uncertainty in prices, with respect to either inputs or final goods. Three possibilities to describe firm behavior are distinguished: 1) models that maximize expected utility, 2) models that maximize the present value of expected earnings, and 3) models that incorporate financial titles under the existence of contingent claims markets. The comparative analysis of the above models is complemented with an optimization exercise when the real interest rate is stochastic and its dynamics is driven by a standardized Brownian motion, and a decision exercise of the firm through the choice of European financial options.