Multiproduct Production Choices And Policy Response
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.
Volume (Year): 16 (1991)
Issue (Month): 02 (December)
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- 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.
- 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.
- Marc Nerlove, 1979. "The Dynamics of Supply: Retrospect and Prospect," Discussion Papers 394, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- 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.
- Kling, Catherine L. & Dorfman, Jeffrey & Sexton, Richard, 1990. "Confidence Intervals for Elasticities and Flexibilities: Re-Evaluating the Ratios of Normals Case," Staff General Research Papers 1582, Iowa State University, Department of Economics.
- Chambers,Robert G., 1988. "Applied Production Analysis," Cambridge Books, Cambridge University Press, number 9780521314275, October.
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