Implicit Netput Functions
AbstractThis paper proposes a new way to empirically model netput functions. It argues for the flexibility and rationality of specifying netputs as a function of competitive prices, fixed inputs, and restricted profit. We call these implicit netput functions because they depend on restricted profit. Doing so invites the adoption of recent developments in consumer theory to production theory. New aggregable forms are investigated and applied to U.S. agricultural production illustrating the benefits of this approach.
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Bibliographic InfoPaper provided by Monash University, Department of Economics in its series Monash Economics Working Papers with number 01-12.
Length: 61 pages
Date of creation: Mar 2012
Date of revision:
Contact details of provider:
Postal: Department of Economics, Monash University, Victoria 3800, Australia
Web page: http://www.buseco.monash.edu.au/eco/
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Find related papers by JEL classification:
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
This paper has been announced in the following NEP Reports:
- NEP-AGR-2012-04-03 (Agricultural Economics)
- NEP-ALL-2012-04-03 (All new papers)
- NEP-EFF-2012-04-03 (Efficiency & Productivity)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Russell, Thomas, 1983. "On a theorem of Gorman," Economics Letters, Elsevier, vol. 11(3), pages 223-224.
- Russell, Thomas & Farris, Frank, 1993. "The geometric structure of some systems of demand equations," Journal of Mathematical Economics, Elsevier, vol. 22(4), pages 309-325.
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