INDIRECT UTILITY FUNCTIONS AND TESTABLE CONDITIONS

Joshua Detre and Kenneth Foster

No 20087, 2004 Annual meeting, August 1-4, Denver, CO from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: We develop testable hypotheses for utility maximization given risk averse producers based on a general specification of the utility function. This is a direct expansion of the model posed by Pope (1978). Empirical tests using production data with a translog specification indicate that utility maximization does not always hold.

Keywords: Research; Methods/; Statistical; Methods (search for similar items in EconPapers)
Pages: 18
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea04:20087

DOI: 10.22004/ag.econ.20087

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