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Cost and Production Duality with Time Utilization of Capital

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  • Christopher C. Klein
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    Abstract

    This article fills in some notable gaps in the literature on the existence and empirical implementation of dual cost and production models embodying the time utilization of capital. A proof of the existence of such dual cost and production functions is provided; previous results of Betancourt (1986) and Klein (1984) are extended to the general N-input-factor, continuously variable time-utilization case; and the restrictive conditions under which a conventional neoclassical empirical cost model captures the characteristics of a capital-utilization technology are derived. The general specification of cost functions that capture utilization effects is indicated.

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    File URL: http://capone.mtsu.edu/berc/working/Klein2007a.pdf
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    Bibliographic Info

    Paper provided by Middle Tennessee State University, Department of Economics and Finance in its series Working Papers with number 200704.

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    Date of creation: Apr 2007
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    Handle: RePEc:mts:wpaper:200704

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    Web page: http://www.mtsu.edu/~berc/working/Economics_Working_Papers.html
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    Keywords: duality; capital utilization; time in production.;

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    1. Catherine J. Morrison Paul, 2003. "Cost Economies: A Driving Force for Consolidation and Concentration?," Southern Economic Journal, Southern Economic Association, vol. 70(1), pages 110-127, July.
    2. Georgescu-Roegen, Nicholas, 1970. "The Economics of Production," American Economic Review, American Economic Association, vol. 60(2), pages 1-9, May.
    3. Diewert, W.E., 1993. "Duality approaches to microeconomic theory," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 12, pages 535-599 Elsevier.
    4. Marcelo Veracierto, 1998. "Plant level irreversible investment and equilibrium business cycles," Working Paper Series WP-98-1, Federal Reserve Bank of Chicago.
    5. Michael Maloney, 2001. "Economies and Diseconomies: Estimating Electricity Cost Functions," Review of Industrial Organization, Springer, vol. 19(2), pages 165-180, September.
    6. Donald S. Siegel & Catherine J. Morrison Paul, 1999. "Scale Economies and Industry Agglomeration Externalities: A Dynamic Cost Function Approach," American Economic Review, American Economic Association, vol. 89(1), pages 272-290, March.
    7. Blackorby, Charles & Russell, R Robert, 1989. "Will the Real Elasticity of Substitution Please Stand Up? (A Comparison of the Allen/Uzawa and Morishima Elasticities)," American Economic Review, American Economic Association, vol. 79(4), pages 882-88, September.
    8. Segerson, Kathleen & Squires, Dale, 1995. "Measurement of Capacity Utilization for Revenue-Maximizing Firms," Bulletin of Economic Research, Wiley Blackwell, vol. 47(1), pages 77-84, January.
    9. Philip T. Powell & Roger W. Schmenner, 2002. "Economics and operations management: towards a theory of endogenous production speed," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 23(6), pages 331-342.
    10. H. Kim, 1999. "Economic Capacity Utilization and its Determinants: Theory and Evidence," Review of Industrial Organization, Springer, vol. 15(4), pages 321-339, December.
    11. Winston,Gordon C., 2008. "The Timing of Economic Activities," Cambridge Books, Cambridge University Press, number 9780521070928.
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