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Duality Theory for Variable Costs in Joint Production

Jeffrey LaFrance () and Rulon Pope ()
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Rulon Pope: School of Economic Sciences, Washington State University

No 2009-02, Working Papers from School of Economic Sciences, Washington State University

Abstract: Duality methods for incomplete systems of consumer demand equations are adapted to the dual structure of variable cost functions in joint production. This allows the identification of necessary and sufficient restrictions on technology and cost so that the conditional factor demands can be written as functions of input prices, fixed inputs, and cost. These are observable when the variable inputs are chosen and committed to production, hence the identified restrictions allow ex ante conditional demands to be studied using observable data. This class of production technologies is consistent with all von Neumann-Morgenstern utility functions when ex post production is uncertain.

Keywords: Joint production; variable cost; duality theory (search for similar items in EconPapers)
JEL-codes: C3 D2 D8 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-agr and nep-eff
Date: 2008-12
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Journal Article: Duality Theory for Variable Costs in Joint Production (2010) Downloads
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