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Duality Theory for Variable Costs in Joint Production

  • Jeffrey LaFrance
  • Rulon Pope

    ()

    (School of Economic Sciences, Washington State University)

Duality methods for incomplete systems of consumer demand equations are adapted to the dual structure of variable cost functions in joint production. This allows the identification of necessary and sufficient restrictions on technology and cost so that the conditional factor demands can be written as functions of input prices, fixed inputs, and cost. These are observable when the variable inputs are chosen and committed to production, hence the identified restrictions allow ex ante conditional demands to be studied using observable data. This class of production technologies is consistent with all von Neumann-Morgenstern utility functions when ex post production is uncertain.

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File URL: http://faculty.ses.wsu.edu/WorkingPapers/LaFrance/WP2009-02-LP_DTiJP.pdf
File Function: First version, 2008
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Paper provided by School of Economic Sciences, Washington State University in its series Working Papers with number 2009-02.

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Length: 14 pages
Date of creation: Dec 2008
Date of revision:
Handle: RePEc:wsu:wpaper:lafrance-4
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  1. Hausman, Jerry A, 1981. "Exact Consumer's Surplus and Deadweight Loss," American Economic Review, American Economic Association, vol. 71(4), pages 662-76, September.
  2. repec:cup:cbooks:9780521785235 is not listed on IDEAS
  3. Pope, Rulon D. & Just, Richard E., 1996. "Empirical implementation of ex ante cost functions," Journal of Econometrics, Elsevier, vol. 72(1-2), pages 231-249.
  4. Lopez, Ramon E, 1985. "Structural Implications of a Class of Flexible Functional Forms for Profit Functions," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(3), pages 593-601, October.
  5. Jeffrey T. LaFrance & W. Michael Hanemann, 1989. "The Dual Structure of Incomplete Demand Systems," Monash Economics Working Papers archive-21, Monash University, Department of Economics.
  6. LaFrance, Jeffrey T., 2004. "Integrability of the linear approximate almost ideal demand system," Economics Letters, Elsevier, vol. 84(3), pages 297-303, September.
  7. LaFrance, Jeffrey T., 1990. "Incomplete Demand Systems And Semilogarithmic Demand Models," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 34(02), August.
  8. Lau, Lawrence J, 1972. "Profit Functions of Technologies with Multiple Inputs and Outputs," The Review of Economics and Statistics, MIT Press, vol. 54(3), pages 281-89, August.
  9. repec:cup:cbooks:9780521622448 is not listed on IDEAS
  10. Epstein, Larry G, 1982. "Integrability of Incomplete Systems of Demand Functions," Review of Economic Studies, Wiley Blackwell, vol. 49(3), pages 411-25, July.
  11. Blackorby, Charles & Primont, Daniel & Robert Russell, R., 1977. "Dual price and quantity aggregation," Journal of Economic Theory, Elsevier, vol. 14(1), pages 130-148, February.
  12. Jean-Paul Chavas, 2008. "A Cost Approach to Economic Analysis Under State-Contingent Production Uncertainty," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 90(2), pages 435-466.
  13. Hall, Robert E, 1973. "The Specification of Technology with Several Kinds of Output," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 878-92, July-Aug..
  14. Jeffrey T. LaFrance, 1986. "The Structure of Constant Elasticity Demand Models," Monash Economics Working Papers archive-28, Monash University, Department of Economics.
  15. LaFrance, Jeffrey T., 1985. "Linear demand functions in theory and practice," Journal of Economic Theory, Elsevier, vol. 37(1), pages 147-166, October.
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