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Estimation of the Primal

In: PRODUCTION ECONOMICS AN EMPIRICAL APPROACH

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  • Charles B. Moss

Abstract

Chapter 1 laid out the primal production function from a producer choice perspective. Specifically, it addressed questions, such as “What are the required properties that a production function must possess for optimizing behavior?” In this process, several stylized production functions such as the Cobb—Douglas, translog, and constant elasticity of substitution were proffered to demonstrate these key properties. Given the basic characteristics of the production function developed in Chapter 1, this chapter presents a variety of methodologies used to estimate the production functions for applied work. These methodologies are largely econometric in nature. Specifically, we are interested in using mathematical specifications of the production function based on economic theory along with data and statistical methods to estimate production functions that are useful for empirical economic research.

Suggested Citation

  • Charles B. Moss, 2022. "Estimation of the Primal," World Scientific Book Chapters, in: PRODUCTION ECONOMICS AN EMPIRICAL APPROACH, chapter 2, pages 71-152, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811241260_0002
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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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