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Price-Conditional Technology

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  • Lilyan E. Fulginiti

Abstract

Economic theorists for years have considered the possibility that the direction of technical change is altered by changes in relative prices. Prices have also been identified as one of the determinants of technical change through innovation. This paper extends the theory of the firm to cover situations in which the firm's technology set is conditional on expected prices. The basic idea is to distinguish between "market prices," or the prices that guide the firm's choices subject to the technology that is in place, and "normal prices," the prices conditioning the choice of technology. A "generalized" price effect is obtained that includes the traditional price effect as well as the technical change effect of price changes and an example is presented.

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File URL: http://www.card.iastate.edu/publications/DBS/PDFFiles/93wp116.pdf
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Bibliographic Info

Paper provided by Center for Agricultural and Rural Development (CARD) at Iowa State University in its series Center for Agricultural and Rural Development (CARD) Publications with number 93-wp116.

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Date of creation: Oct 1993
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Handle: RePEc:ias:cpaper:93-wp116

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Related research

Keywords: conditional technology; market prices; normal prices; technical change.;

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References

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  1. Fulginiti, Lilyan E. & Perrin, Richard K., 1992. "Prices and Productivity in Agriculture," Staff General Research Papers 543, Iowa State University, Department of Economics.
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Cited by:
  1. Roberto ESPOSTI & Pierpaolo PIERANI, 2006. "Price-Induced Technical Progress in Italian Agriculture," Working Papers 275, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
  2. Paris, Quirino & Caputo, Michael R., 1995. "The Rhetoric Of Duality," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 20(01), July.
  3. Ludo Peeters & Yves Surry, 2000. "Incorporating Price-Induced Innovation in a Symmetric Generalised McFadden Cost Function with Several Outputs," Journal of Productivity Analysis, Springer, vol. 14(1), pages 53-70, July.

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