An Atemporal Microeconomic Theory and an Empirical Test of Price-Induced Technical Progress
AbstractAn exhaustive comparative statics analysis of a general price taking cost-minimizing model of the firm operating under the influence of price-induced technical progress is carried out from a dual vista. The resulting refutable implications are observable and thus amenable to empirical verification, and take on the form of a symmetric and negative semidefinite matrix. Using data from individual cotton gins in California’s San Joaquin Valley, we empirically test the complete set of implications of the price-induced technical progress theory using both classical and Bayesian statistical procedures. We find that the data are fully consistent with the atemporal, cost-minimizing, price-induced microeconomic theory of technical progress. Copyright Springer Science+Business Media, Inc. 2005
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Bibliographic InfoArticle provided by Springer in its journal Journal of Productivity Analysis.
Volume (Year): 24 (2005)
Issue (Month): 3 (November)
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Web page: http://www.springerlink.com/link.asp?id=100296
price-induced technical progress; comparative statics; C60; D21;
Other versions of this item:
- Caputo, Michael R. & Paris, Quirino, 2004. "An Atemporal Microeconomic Theory And An Empirical Test Of Price-Induced Technical Progress," Working Papers 11992, University of California, Davis, Department of Agricultural and Resource Economics.
- C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
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