Duality Theory for Variable Costs in Joint Production
Jeffrey LaFrance () and
Rulon D. Pope
American Journal of Agricultural Economics, 2010, vol. 92, issue 3, 755-762
Duality methods for incomplete systems of consumer demand equations are adapted to the dual structure of variable cost functions in joint production. This allows identification of necessary and sufficient restrictions on technology and cost so that conditional factor demands can be written as functions of input prices, fixed inputs, and cost. These are observable when variable inputs are chosen and committed to production, hence the identified restrictions allow ex ante conditional demands to be studied using observable data. This class of production technologies is consistent with all von Neumann--Morgenstern utility functions when ex post production and/or output prices are uncertain. Copyright 2010, Oxford University Press.
References: Add references at CitEc
Citations: View citations in EconPapers (8) Track citations by RSS feed
Downloads: (external link)
Access to full text is restricted to subscribers.
Working Paper: Duality Theory for Variable Costs in Joint Production (2008)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:92:y:2010:i:3:p:755-762
Access Statistics for this article
American Journal of Agricultural Economics is currently edited by Madhu Khanna, Brian E. Roe, James Vercammen and JunJie Wu
More articles in American Journal of Agricultural Economics from Agricultural and Applied Economics Association Contact information at EDIRC.
Bibliographic data for series maintained by Oxford University Press ().