Multi-Output Production and Duality

Theory and Applications

By: Rolf FÃ¤re, Daniel Primont

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Hardcover | 31 December 1994

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188 Pages

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24.13 x 16.51 x 1.27

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Our original reason for writing this book was the desire to write down in one place a complete summary of the major results in du ality theory pioneered by Ronald W. Shephard in three of his books, Cost and Production Functions (1953), Theory of Cost and Produc tion Functions (1970), and Indirect Production Functions (1974). In this way, newcomers to the field would have easy access to these important ideas. In adg,ition, we report a few new results of our own. In particular, we show the duality relationship between the profit function and the eight equivalent representations of technol ogy that were elucidated by Shephard. However, in planning the book and discussing it with colleagues it became evident that such a book would be more useful if it also provided a number of applications of Shephard's duality theory to economic problems. Thus, we have also attempted to present exam ples of the use of duality theory in areas such as efficiency measure ment, index number theory, shadow pricing, cost-benefit analysis, and econometric estimation. Much of our thinking about duality theory and its uses has been influenced by our present and former collaborators. They include Charles Blackorby, Shawna Grosskopf, Knox Lovell, Robert Russell, and, not surprisingly, Ronald W. Shephard. We have also benefit ted over the years from many discussions with W. Erwin Diewert.

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Non-Fiction Economics Economic Theory & Philosophy Microeconomics Mathematics Applied Mathematics Industry & Industrial Studies

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Published: 27th September 2012

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List of Figures
Preface
Theories of the Firm through Duality	p. 1
The Different Behavioral Assumptions	p. 2
Using Duality Theory to Overcome Data Problems	p. 3
The Completion of Ronald W. Shephard's Duality	p. 4
Distance Functions	p. 7
Input and Output Distance Functions	p. 7
Efficiency Measurement	p. 28
Quantity Index Applications	p. 36
Modelling Returns to Scale	p. 38
Cost and Revenue Functions	p. 43
Duality Theorems	p. 43
Derivative Properties of Cost and Revenue Functions	p. 51
Shadow Pricing of Inputs and Outputs	p. 54
Overall Efficiency Measurement	p. 59
Price Indexes	p. 66
Inverse Homotheticity	p. 69
Indirect Distance Functions	p. 79
Cost and Revenue Constrained Firms	p. 79
Dualities	p. 87
Derivative Properties of the Indirect Distance Functions	p. 91
Nonparametric Testing	p. 94
Indirect Cost and Revenue Functions	p. 99
Duality Theorems	p. 99
Derivative Properties	p. 113
Cost Benefit Analysis	p. 117
The Profit Function	p. 123
Duality Theorems	p. 123
The Profit, Cost, and Revenue Functions	p. 135
The Profit, Indirect Input Distance and Indirect Output Distance Functions	p. 140
The Profit, Indirect Cost and Indirect Revenue Functions	p. 142
Towards Empirical Applications	p. 147
Monotonicity, Homogeneity and Convexity	p. 151
Homogeneous and Inversely Homothetic Technologies	p. 152
Functional Forms	p. 155
References	p. 161
Subject Index	p. 169
Author Index	p. 171
Table of Contents provided by Blackwell. All Rights Reserved.

Multi-Output Production and Duality

Theory and Applications

At a Glance

Hardcover

Shipping

How to return your order

Defective items

You Can Find This Book In

Other Editions and Formats

Paperback

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