Production Decision licking in an Adaptive Mode

Philip I. Szmedre, Michael E. Wetzstein and Ronald W. McClendon

No 270189, 1988 Annual Meeting, August 1-3, Knoxville, Tennessee from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: This paper presents a general theory which reconciles agent maximizing behavior with alternative assumptions and provides a theoretical basis for X-Efficiency behavior by indicating conditions where maximization may not result in an optimal solution. An empirical application substantiates the significance of considering X-Efficiency behavior and illustrates its usefulness in policy analysis.

Keywords: Agricultural and Food Policy; Production Economics (search for similar items in EconPapers)
Pages: 19
Date: 1988-08-01
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea88:270189

DOI: 10.22004/ag.econ.270189

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