Testing cost vs. profit function
Frank Asche (),
Subal Kumbhakar () and
Ragnar Tveterås ()
Applied Economics Letters, 2007, vol. 14, issue 10, 715-718
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.
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