A NOTE ON THRESHOLD FACTOR LEVEL(S) AND STONE-GEARY TECHNOLOGY

Bruce R. Beattie and Satheesh Aradhyula

Journal of Agricultural and Applied Economics, 2015, vol. 47, issue 4, 482-493

Abstract: This article proposes the parsimonious Stone-Geary utility function from consumer choice theory as a production function model. The viability of the threshold input idea is empirically demonstrated for irrigation water (and in the case of nitrogen, a “gratis” threshold) using two field trials from the famous Hexem-Heady data sets. The implications of the Stone-Geary model for tractable U-shaped average variable cost and for factor demand and product supply are explored.

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jagaec:v:47:y:2015:i:04:p:482-493_00

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