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Production Decision licking in an Adaptive Mode

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  • Szmedre, Philip I.
  • Wetzstein, Michael E.
  • McClendon, Ronald W.

Abstract

This paper presents a general theory which reconciles agent maximizing behavior with alternative assumptions and provides a theoretical basis for X-Efficiency behavior by indicating conditions where maximization may not result in an optimal solution. An empirical application substantiates the significance of considering X-Efficiency behavior and illustrates its usefulness in policy analysis.

Suggested Citation

  • Szmedre, Philip I. & Wetzstein, Michael E. & McClendon, Ronald W., 1988. "Production Decision licking in an Adaptive Mode," 1988 Annual Meeting, August 1-3, Knoxville, Tennessee 270189, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea88:270189
    DOI: 10.22004/ag.econ.270189
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    References listed on IDEAS

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