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Cost and Production Duality with Time Utilization of Capital

Christopher C. Klein

No 200704, Working Papers from Middle Tennessee State University, Department of Economics and Finance

Abstract: This article fills in some notable gaps in the literature on the existence and empirical implementation of dual cost and production models embodying the time utilization of capital. A proof of the existence of such dual cost and production functions is provided; previous results of Betancourt (1986) and Klein (1984) are extended to the general N-input-factor, continuously variable time-utilization case; and the restrictive conditions under which a conventional neoclassical empirical cost model captures the characteristics of a capital-utilization technology are derived. The general specification of cost functions that capture utilization effects is indicated.

Keywords: duality; capital utilization; time in production. (search for similar items in EconPapers)
JEL-codes: C81 D24 L23 (search for similar items in EconPapers)
Date: 2007-04
New Economics Papers: this item is included in nep-bec and nep-eff
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Persistent link: https://EconPapers.repec.org/RePEc:mts:wpaper:200704

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