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Testing cost vs. profit function

Frank Asche (), Subal Kumbhakar () and Ragnar Tveterås ()

Applied Economics Letters, 2007, vol. 14, issue 10, 715-718

Abstract: The empirical literature on estimation of production technology mostly focuses on estimation of dual cost functions. Estimation of a profit function is not that common. Here, we formally test whether the production technology should be represented by a cost or profit function. We also derive elasticities associated with the long-run profit function from the estimated cost function.

Date: 2007
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DOI: 10.1080/13504850600592655

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