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Multiproduct Production Choices And Policy Response

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  • McIntosh, Christopher S.
  • Shumway, C. Richard

Abstract

A restricted profit function model of California agriculture is specified and estimated subject to prior information provided by economic theory. Symmetry, homogeneity, and convexity of the profit function are maintained in the estimation. Parameter estimates and elasticities are presented for four input and 10 output equations. Tests of the hypotheses of nonjointness in inputs and Hicks-neutral technical change in variable inputs and outputs are rejected. The impacts of decoupling agricultural program payments are examined.

Suggested Citation

  • McIntosh, Christopher S. & Shumway, C. Richard, 1991. "Multiproduct Production Choices And Policy Response," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 16(02), December.
    • Handle: RePEc:ags:wjagec:32610
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    File URL: http://purl.umn.edu/32610
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    References listed on IDEAS

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    1. Marc Nerlove, 1979. "The Dynamics of Supply: Retrospect and Prospect," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 61(5), pages 874-888.
    2. Jeffrey H. Dorfman & Catherine L. Kling & Richard J. Sexton, 1990. "Confidence Intervals for Elasticities and Flexibilities: Reevaluating the Ratios of Normals Case," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(4), pages 1006-1017.
    3. Shumway, C. Richard & Alexander, William P. & Talpaz, Hovav, 1990. "Texas Field Crops: Estimation With Curvature," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 15(01), July.
    4. Ramon E. Lopez, 1984. "Estimating Substitution and Expansion Effects Using a Profit Function Framework," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(3), pages 358-367.
    5. Chambers,Robert G., 1988. "Applied Production Analysis," Cambridge Books, Cambridge University Press, number 9780521314275, May.
    6. Nerlove, Marc & Grether, David M. & Carvalho, José L., 1979. "Analysis of Economic Time Series," Elsevier Monographs, Elsevier, edition 1, number 9780125157506 edited by Shell, Karl.
    7. Pope, Rulon D. & Hallam, Arne, 1988. "Testing separability of production using flexible functional form profit functions," Economics Letters, Elsevier, vol. 26(3), pages 265-270.
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    Cited by:

    1. Perekhozhuk, Oleksandr, 2007. "Marktstruktur und Preisbildung auf dem ukrainischen Markt für Rohmilch," Studies on the Agricultural and Food Sector in Transition Economies, Leibniz Institute of Agricultural Development in Transition Economies (IAMO), volume 41, number 92322.
    2. Polson, Rudolph A. & Shumway, C. Richard, 1992. "Production Relationships In South Central Agriculture," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 24(02), December.

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    Keywords

    Agricultural Finance;

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