Calibration of Cost Functions for Individual Firms as an Alternative to Estimation: An Application to New Brunswick Peat-Mining Firms

C M Dufournaud, J T Quinn, A Olinsky and B G Warner
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C M Dufournaud: Department of Geography, University of Waterloo, Waterloo, Ontario N2L 3G1, Canada
B G Warner: Department of Geography, and Wetlands Research Centre, University of Waterloo, Waterloo, Ontario N2L 3G1, Canada

Environment and Planning A, 1999, vol. 31, issue 3, 551-558

Abstract: A method for calibrating the total annual cost function of a single firm is developed by using optimal control and assuming rational behavior of the firm. The method is applied to peat-harvesting firms in New Brunswick, but has wider applicability. Information on the exogenous variables is available without resorting to surveys of individual firms, leaving as endogenous the variables specific to a firm. The results are sufficiently promising that the approach suggested herein may serve as a useful set of parameters for individual firms in follow-up work.

Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:sae:envira:v:31:y:1999:i:3:p:551-558

DOI: 10.1068/a310551

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