Description

Production economics is that branch of microeconomics that examines producer decisions. This book focuses on the empirical estimation of these relationships using primal, dual, and differential specifications. The primal specification models production decisions based on the production function — estimation of the input/output relationship and the derivation of optimization behavior from this technical relationship. The dual approach estimates production decisions using economic information such as input and output prices. The textbook then develops the linkages between these relationships. The differential specification is an alternative approach derived from changes in the first-order conditions from cost minimizing behavior. In each case, the theoretical development is followed by different empirical specifications that can be used to estimate the producer's choice.

Production Economics: An Empirical Approach

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Hardback by Charles Britt Moss

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Production economics is that branch of microeconomics that examines producer decisions. This book focuses on the empirical estimation of these... Read more

    Publisher: World Scientific Publishing Co Pte Ltd
    Publication Date: 30/03/2022
    ISBN13: 9789811238864, 978-9811238864
    ISBN10: 9811238863

    Number of Pages: 576

    Non Fiction , Business, Finance & Law

    Description

    Production economics is that branch of microeconomics that examines producer decisions. This book focuses on the empirical estimation of these relationships using primal, dual, and differential specifications. The primal specification models production decisions based on the production function — estimation of the input/output relationship and the derivation of optimization behavior from this technical relationship. The dual approach estimates production decisions using economic information such as input and output prices. The textbook then develops the linkages between these relationships. The differential specification is an alternative approach derived from changes in the first-order conditions from cost minimizing behavior. In each case, the theoretical development is followed by different empirical specifications that can be used to estimate the producer's choice.

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