Implicit Netput Functions
This paper proposes a new way to empirically model netput functions. It argues for the flexibility and rationality of specifying netputs as a function of competitive prices, fixed inputs, and restricted profit. We call these implicit netput functions because they depend on restricted profit. Doing so invites the adoption of recent developments in consumer theory to production theory. New aggregable forms are investigated and applied to U.S. agricultural production illustrating the benefits of this approach.
|Date of creation:||Mar 2012|
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- Russell, Thomas & Farris, Frank, 1993. "The geometric structure of some systems of demand equations," Journal of Mathematical Economics, Elsevier, vol. 22(4), pages 309-325.
- Russell, Thomas, 1983. "On a theorem of Gorman," Economics Letters, Elsevier, vol. 11(3), pages 223-224.
- J. E. Stiglitz, 1999. "Introduction," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 28(3), pages 249-254, November.
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