A Virtually Ideal Production System: Specifying and Estimating the VIPS Model

Robert G. Chambers and Rulon D. Pope

American Journal of Agricultural Economics, 1994, vol. 76, issue 1, 105-113

Abstract: We characterize the class of profit functions termed VIPS for "virtually ideal production system." VIPS is consistent with all derived demands being linear in numeric functions of output prices. A flexible but parsimonious version of the VIPS profit function is specified and the implied supply-response system is estimated using aggregate U.S. agricultural data.

Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:76:y:1994:i:1:p:105-113.

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