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Production Economics:An Empirical Approach

Author

Listed:
  • Charles B Moss

    (University of Florida, USA)

Abstract

Production economics is that branch of microeconomics that examines producer decisions. This book focuses on the empirical estimation of these relationships using primal, dual, and differential specifications. The primal specification models production decisions based on the production function — estimation of the input/output relationship and the derivation of optimization behavior from this technical relationship. The dual approach estimates production decisions using economic information such as input and output prices. The textbook then develops the linkages between these relationships. The differential specification is an alternative approach derived from changes in the first-order conditions from cost minimizing behavior. In each case, the theoretical development is followed by different empirical specifications that can be used to estimate the producer's choice.

Individual chapters are listed in the "Chapters" tab

Suggested Citation

  • Charles B Moss, 2022. "Production Economics:An Empirical Approach," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 12332, January.
    • Handle: RePEc:wsi:wsbook:12332
    as

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    File URL: https://www.worldscientific.com/worldscibooks/10.1142/12332
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    Book Chapters

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    More about this item

    Keywords

    Production Economics; Producer Behaviour; Econometrics; Primal Approach; Dual Approach; Differential Approach; Economic Efficiency;
    All these keywords.

    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production

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