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Cost and Production Duality with Time Utilization of Capital

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Author Info
Christopher C. Klein
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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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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Related research
Keywords: duality; capital utilization; time in production.;

Find related papers by JEL classification:
C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Microeconomic Data
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity
L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production

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  1. Georgescu-Roegen, Nicholas, 1970. "The Economics of Production," American Economic Review, American Economic Association, vol. 60(2), pages 1-9, May.
  2. Segerson, Kathleen & Squires, Dale, 1995. "Measurement of Capacity Utilization for Revenue-Maximizing Firms," Bulletin of Economic Research, Blackwell Publishing, vol. 47(1), pages 77-84, January.
  3. Catherine J. Morrison Paul & Donald S. Siegel, 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. [Downloadable!] (restricted)
  4. Michael Maloney, 2001. "Economies and Diseconomies: Estimating Electricity Cost Functions," Review of Industrial Organization, Springer, vol. 19(2), pages 165-180, September. [Downloadable!] (restricted)
  5. 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. [Downloadable!] (restricted)
  6. 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. [Downloadable!] (restricted)
  7. 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.
  8. 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. [Downloadable!]
  9. Betancourt, Roger R, 1986. "A Generalization of Modern Production Theory," Applied Economics, Taylor and Francis Journals, vol. 18(8), pages 915-28, August.
  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. [Downloadable!] (restricted)
  11. Marcelo L. Veracierto, 2002. "Plant-Level Irreversible Investment and Equilibrium Business Cycles," American Economic Review, American Economic Association, vol. 92(1), pages 181-197, March. [Downloadable!]
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