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Estimating economies of scope using the profit function: A dual approach for the normalized quadratic profit function

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  • Gao, Zhifeng
  • Featherstone, Allen M.

Abstract

Theoretical relationships between parameters of the normalized quadratic profit and cost functions are derived allowing for economies of scope to be calculated using profit function estimates. An empirical example confirms that the cost function is recovered using the estimated profit function.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 100 (2008)
Issue (Month): 3 (September)
Pages: 418-421

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Handle: RePEc:eee:ecolet:v:100:y:2008:i:3:p:418-421

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Web page: http://www.elsevier.com/locate/ecolet

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  1. Lusk, Jayson L. & Featherstone, Allen M. & Marsh, Thomas L. & Abdulkadri, Abdullahi O., 2002. "Empirical properties of duality theory," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 46(1), March.
  2. Cohn, Elchanan & Rhine, Sherrie L W & Santos, Maria C, 1989. "Institutions of Higher Education as Multi-product Firms: Economies of Scale and Scope," The Review of Economics and Statistics, MIT Press, vol. 71(2), pages 284-90, May.
  3. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, September.
  4. Songqing Jin & Scott Rozelle & Julian Alston & Jikun Huang, 2005. "Economies Of Scale And Scope And The Economic Efficiency Of China'S Agricultural Research System," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(3), pages 1033-1057, 08.
  5. Berger, Allen N. & Hancock, Diana & Humphrey, David B., 1993. "Bank efficiency derived from the profit function," Journal of Banking & Finance, Elsevier, vol. 17(2-3), pages 317-347, April.
  6. Lau, Lawrence J., 1976. "A characterization of the normalized restricted profit function," Journal of Economic Theory, Elsevier, vol. 12(1), pages 131-163, February.
  7. Berger, Allen N. & Hunter, William C. & Timme, Stephen G., 1993. "The efficiency of financial institutions: A review and preview of research past, present and future," Journal of Banking & Finance, Elsevier, vol. 17(2-3), pages 221-249, April.
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Cited by:
  1. Vilaphonh Xayavong & Nazrul Islam & Ruhul Salim, 2011. "Estimating Production Response of Broadacre Farms in Western Australia: The Nexus of Empirics and Economics Revisited," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 41(3), pages 217-232, December.
  2. Featherstone, Allen M. & Burbidge, Linda D., 2010. "A Comparison of Methods for Imposing Curvature on the Normalized Quadratic Indirect Profit Function," 2010 Annual Meeting, July 25-27, 2010, Denver, Colorado 61661, Agricultural and Applied Economics Association.
  3. Dupraz, Pierre & Temesgen, Chalachew, 2012. "Farmland Rental Rate and Marginal Return to Land: A French FADN Perspective," 86th Annual Conference, April 16-18, 2012, Warwick University, Coventry, UK 134954, Agricultural Economics Society.

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