OLS and Frontier Function Estimates of Long-Run Average Cost for Tennessee Livestock Auction Markets

Dan L. McLemore, Glen Whipple and Kimberly Spielman

Journal of Agricultural and Applied Economics, 1983, vol. 15, issue 2, 79-83

Abstract: Considerable research has been conducted to explore economies of size in the livestock auction market industry. Since auction market cost functions are expected to conform to microeconomic theory, conclusions regarding industry economies of size are often derived from estimated long-run average total cost (LRATC) functions (French; Stoddard).

Date: 1983
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