Applied Production Analysis: A Dual Approach
This book contains a modern treatment of production economics from a dual perspective, with special emphasis on recent developments. Results that were scattered throughout professional journals and monographs are now gathered into an integrated approach using a common notation. The book prepares the reader to apply the tools of the dual approach to real world problems and data sets. Particular care has been devoted to choosing topics for discussion that achieve this goal. Throughout the book there are worked examples and exercises, which are geared toward developing the reader's facility in using modern developments in production economics. Separate chapters are devoted to production, cost, and profit functions. Other topics include flexible functional forms, aggregation across inputs and outputs using the theory of separable structures, aggregation over economic optimizing firms, the representation of multioutput technologies, and the analysis and measurement of technical change from both a primal and a dual perspective.
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aggregate input applied production analysis arguments associated assume assumption average cost Chapter Cobb-Douglas comparative statics concave consider constant returns convex convex set cost function cost neutrality cost-minimizing decreasing defined demonstrate derived demands derived-demand discussion dual duality economic economists elasticity of scale elasticity of substitution envelope theorem equal example Exercise exists expression factor price frontier Figure firms follows functional forms half-space Hence Hessian Hessian matrix homothetic Hotelling's lemma implies inequality input bundle input prices input ratio input requirement set intuitive isoquant linear linear technology linearly homogeneous marginal cost marginal productivity marginal rate mathematical matrix maximization measure minimization multioutput nondecreasing nonempty nonjointness output level output price parameters problem producible-output set production economics production function profit function profit-maximizing quasi-concave rate of technical reader restrictions returns to scale satisfies properties Shephard's lemma short-run slope strongly separable technical change technical substitution theorem tion translog twice-continuously differentiable utilization variable vector weak separability yields