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Cost, Revenue, and Profit Function Estimates

In: Handbook of Production Economics

Author

Listed:
  • Levent Kutlu

    (University of Texas Rio Grande Valley)

  • Shasha Liu

    (Freddie Mac)

  • Robin C. Sickles

    (Rice University)

Abstract

This chapter reviews the ways in which cost, revenue, and profit functions are used to identify and characterize an underlying technology. It concentrates on the more widely used functional forms to motivate various issues in the flexibility of various parametric functions, in the imposition of regularity conditions, in the use of non-parametric estimation of models, and in standard econometric models used to estimate the parameters of these different functional characterizations of an underlying technology. The modeling scenarios we consider also allow allocative and technical distortions and address how such distortions may be modeled empirically in the specification and estimation of the dual functional representations of the underlying primal technology.

Suggested Citation

  • Levent Kutlu & Shasha Liu & Robin C. Sickles, 2022. "Cost, Revenue, and Profit Function Estimates," Springer Books, in: Subhash C. Ray & Robert G. Chambers & Subal C. Kumbhakar (ed.), Handbook of Production Economics, chapter 16, pages 641-679, Springer.
    • Handle: RePEc:spr:sprchp:978-981-10-3455-8_12
    DOI: 10.1007/978-981-10-3455-8_12
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