Reminiscences of “Returns to Scale in Electricity Supply”

Marc Nerlove

Chapter 2 in Handbook of Production Economics, 2022, pp 49-56 from Springer

Abstract: Abstract The origins and further development of a very early empirical application of Shephard’s duality theorem is discussed. The investigation of the “Returns to Scale in Electricity Supply” was based on a cost function derived from a Cobb-Douglas production function initially. The function was modified to allow for variable “returns to scale.” Duality between cost and production then showed the modified Cobb-Douglas production function behind the cost function which was initially estimated.

Keywords: Cost/production functions; Duality; Returns to scale; Modified Cobb-Douglas; Electricity generation (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/978-981-10-3455-8_2

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