Production Economics:An Empirical Approach

Charles Moss

in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.

Abstract: Production economics is that branch of microeconomics that examines producer decisions. This book focuses on the empirical estimation of these relationships using primal, dual, and differential specifications. The primal specification models production decisions based on the production function — estimation of the input/output relationship and the derivation of optimization behavior from this technical relationship. The dual approach estimates production decisions using economic information such as input and output prices. The textbook then develops the linkages between these relationships. The differential specification is an alternative approach derived from changes in the first-order conditions from cost minimizing behavior. In each case, the theoretical development is followed by different empirical specifications that can be used to estimate the producer's choice.

Keywords: Production Economics; Producer Behaviour; Econometrics; Primal Approach; Dual Approach; Differential Approach; Economic Efficiency (search for similar items in EconPapers)
JEL-codes: D2 D51 L11 L23 (search for similar items in EconPapers)
Date: 2022
ISBN: 9789811238864
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Chapters in this book:

Ch 1 Basic Notions of Production Functions , pp 1-69

Charles Moss

Ch 2 Estimation of the Primal , pp 71-152

Charles Moss

Ch 3 Empirical Examples of the Primal , pp 153-251

Charles Moss

Ch 4 Cost and Profit Functions , pp 253-298

Charles Moss

Ch 5 Estimating Dual Relationships , pp 299-378

Charles Moss

Ch 6 Technical Change and Efficiency , pp 379-425

Charles Moss

Ch 7 Differential Models of Production , pp 427-485

Charles Moss

Ch 8 Topics and Applications , pp 487-507

Charles Moss

Ch 9 Conclusions and Suggestions for Further Research , pp 509-516

Charles Moss

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