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 Californias 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, costminimizing, price-induced microeconomic theory of technical progress.
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Bibliographic InfoPaper provided by University of California, Davis, Department of Agricultural and Resource Economics in its series Working Papers with number 11992.
Date of creation: 2004
Date of revision:
Research and Development/Tech Change/Emerging Technologies;
Other versions of this item:
- Michael Caputo & Quirino Paris, 2005. "An Atemporal Microeconomic Theory and an Empirical Test of Price-Induced Technical Progress," Journal of Productivity Analysis, Springer, vol. 24(3), pages 259-281, November.
- 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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