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Random Profits and Duality

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  • Rulon D. Pope
  • Richard E. Just

Abstract

Dual production specifications derived under certainty are typically randomized for econometric purposes with ad hoc error specifications. This article shows that such approaches can cause integrability conditionsto fail. In particular, if errorsin input demands represent errorsin optimization that affect output, then typical dual approachesdo not yield congruent suppliesand demands. Copyright 2002, Oxford University Press.

Suggested Citation

  • Rulon D. Pope & Richard E. Just, 2002. "Random Profits and Duality," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 84(1), pages 1-7.
    • Handle: RePEc:oup:ajagec:v:84:y:2002:i:1:p:1-7
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    File URL: http://hdl.handle.net/10.1111/1467-8276.00238
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    Citations

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    Cited by:

    1. Francisco Rosas & Sergio H Lence, 2019. "How Reliable is Duality Theory in Empirical Work?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 101(3), pages 825-848.
    2. Bittencourt, Maurício Vaz Lobo, 2003. "Presence Of Stochastic Errors In The Input Demands: Are Dual And Primal Estimations Equivalent?," 2003 Annual meeting, July 27-30, Montreal, Canada 22096, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Just, Richard E., 2000. "Some Guiding Principles for Empirical Production Research in Agriculture," Agricultural and Resource Economics Review, Cambridge University Press, vol. 29(2), pages 138-158, October.
    4. Just, Richard E. & Just, David R., 2011. "Global identification of risk preferences with revealed preference data," Journal of Econometrics, Elsevier, vol. 162(1), pages 6-17, May.
    5. Jesus Anton & Chantal Le Mouël & . Unité d'Economie Et Sociologie Ruralestoulouse, 2002. "Risk effects of crop support measures [Effets liés au risque des mesures de soutien]," Post-Print hal-02830955, HAL.
    6. Jansson, Torbjorn, 2007. "Estimation of supply response in CAPRI," Discussion Papers 57030, University of Bonn, Institute for Food and Resource Economics.
    7. Just, Richard E., 2003. "Risk research in agricultural economics: opportunities and challenges for the next twenty-five years," Agricultural Systems, Elsevier, vol. 75(2-3), pages 123-159.
    8. Davis, George C., 2004. "The Structure of Models: Understanding Theory Reduction and Testing with a Production Example," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 29(1), pages 1-14, April.
    9. Bittencourt, Mauricio Vaz Lobo & Sampaio, Armando Vaz, 2011. "Are Dual and Primal Estimations Equivalent in the Presence of Stochastic Errors in Input Demand?," Brazilian Review of Econometrics, Sociedade Brasileira de Econometria - SBE, vol. 31(2), December.

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