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An Atemporal Microeconomic Theory And An Empirical Test Of Price-Induced Technical Progress

  • Caputo, Michael R.
  • Paris, Quirino

An exhaustive comparative statics analysis of a general price taking cost-minimizing model of the firm operating under the influence of price-induced technical progress is carried out from a dual vista. The resulting refutable implications are observable and thus amenable to empirical verification, and take on the form of a symmetric and negative semidefinite matrix. Using data from individual cotton gins in California’s San Joaquin Valley, we empirically test the complete set of implications of the price-induced technical progress theory using both classical and Bayesian statistical procedures. We find that the data are fully consistent with the atemporal, costminimizing, price-induced microeconomic theory of technical progress.

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Paper provided by University of California, Davis, Department of Agricultural and Resource Economics in its series Working Papers with number 11992.

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Date of creation: 2004
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Handle: RePEc:ags:ucdavw:11992
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Web page: http://www.agecon.ucdavis.edu/

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  1. Hirsch, Werner Z, 1969. "Technological Progress and Microeconomic Theory," American Economic Review, American Economic Association, vol. 59(2), pages 36-43, May.
  2. Quirino Paris & Michael R. Caputo, 2001. "Price-induced technical progress and comparative statics," Economics Bulletin, AccessEcon, vol. 15(8), pages 1-8.
  3. Fulginiti, Lilyan E. & Perrin, Richard K., 1993. "Prices and Productivity in Agriculture," Staff General Research Papers 773, Iowa State University, Department of Economics.
  4. Sexton, Richard J. & Wilson, Brooks M. & Wann, Joyce J., 1989. "Some Tests Of The Economic Theory Of Cooperatives: Methodology And Application To Cotton Ginning," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 14(01), July.
  5. A Oude Lansink & E Silva & S Stefanou, 2000. "Decomposing productivity growth allowing efficiency gains and price-induced technical progress," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 27(4), pages 497-518, December.
  6. Paris, Quirino & Caputo, Michael R., 2001. "Comparative Statics Of Money-Goods Specifications Of The Utility Function," Working Papers 11953, University of California, Davis, Department of Agricultural and Resource Economics.
  7. Samuelson, Paul A & Sato, Ryuzo, 1984. "Unattainability of Integrability and Definiteness Conditions in the General Case of Demand for Money and Goods," American Economic Review, American Economic Association, vol. 74(4), pages 588-604, September.
  8. McFadden, Daniel, 1978. "Cost, Revenue, and Profit Functions," Histoy of Economic Thought Chapters, in: Fuss, Melvyn & McFadden, Daniel (ed.), Production Economics: A Dual Approach to Theory and Applications, volume 1, chapter 1 McMaster University Archive for the History of Economic Thought.
  9. Paris, Quirino & Caputo, Michael R., 1995. "The Rhetoric Of Duality," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 20(01), July.
  10. Silberberg, Eugene, 1974. "A revision of comparative statics methodology in economics, or, how to do comparative statics on the back of an envelope," Journal of Economic Theory, Elsevier, vol. 7(2), pages 159-172, February.
  11. Adam Jaffe & Richard Newell & Robert Stavins, 2002. "Environmental Policy and Technological Change," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 22(1), pages 41-70, June.
  12. Geweke, John, 1986. "Exact Inference in the Inequality Constrained Normal Linear Regression Model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 1(2), pages 127-41, April.
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