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Author: Melvyn Fuss
Publisher: Elsevier
ISBN: 148325903X
Category : Business & Economics
Languages : en
Pages : 361
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Book Description
Contributions to Economic Analysis: Production Economics: A Dual Approach to Theory and Applications, Volume 2 focuses on the theory of production from the standpoint of the "dual", the relationships between economic observables which are dual to physical technology. The selection first ponders on duality, intermediate inputs and value-added, Hicks' aggregation theorem and the existence of a real value-added function, and homotheticity and real value-added in Canadian manufacturing. Discussions focus on real value-added and the production structure, estimation of the production structure, double deflation and real value-added, measurement of total productivity, and duality between direct and conditional indirect utility functions. The book then examines the estimation techniques for the elasticity of substitution and other production parameters and measurement of the elasticity of factor substitution and bias of technical change. The publication takes a look at the identification of technical change in the electricity generating industry, factor substitution in electricity generation, and the effectiveness of rate-of-return regulation. Topics include statistical tests of regulatory effectiveness, profit function for a regulated firm, tests of the structure of technology, identification problems in the measurement of technical change, and measurement of disembodied technical change. The selection is a valuable source of information for economists and researchers interested in production economics.
Author: Melvyn Fuss
Publisher: Elsevier
ISBN: 148325903X
Category : Business & Economics
Languages : en
Pages : 361
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Book Description
Contributions to Economic Analysis: Production Economics: A Dual Approach to Theory and Applications, Volume 2 focuses on the theory of production from the standpoint of the "dual", the relationships between economic observables which are dual to physical technology. The selection first ponders on duality, intermediate inputs and value-added, Hicks' aggregation theorem and the existence of a real value-added function, and homotheticity and real value-added in Canadian manufacturing. Discussions focus on real value-added and the production structure, estimation of the production structure, double deflation and real value-added, measurement of total productivity, and duality between direct and conditional indirect utility functions. The book then examines the estimation techniques for the elasticity of substitution and other production parameters and measurement of the elasticity of factor substitution and bias of technical change. The publication takes a look at the identification of technical change in the electricity generating industry, factor substitution in electricity generation, and the effectiveness of rate-of-return regulation. Topics include statistical tests of regulatory effectiveness, profit function for a regulated firm, tests of the structure of technology, identification problems in the measurement of technical change, and measurement of disembodied technical change. The selection is a valuable source of information for economists and researchers interested in production economics.
Author: Svend Rasmussen
Publisher: Springer Science & Business Media
ISBN: 3642302009
Category : Business & Economics
Languages : en
Pages : 296
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Book Description
This book covers the basic theory of how, what and when firms should produce to maximise profits. Based on the neoclassical theory of the firm presented in most general microeconomic textbooks, it extends the general treatment and focuses on the application of the theory to specific problems that the firm faces when making production decisions to maximise profits. Increasing level of government regulation and the use of specialised and often very expensive equipment in modern production motivates the following focus areas: 1) How to optimise production under restrictions., 2) Treatment of fixed inputs and the process of input fixation, 3) Optimisation of production over time, 4) Linear and Mixed Integer Programming as tools for optimisation in practice. This updated second edition includes a more comprehensive introduction to the theory of decision making under risk and uncertainty as well as a new chapter on how to use linear programming to generate the supply function of the firm.
Author: John P. Doll
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 424
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Book Description
Production and cost functions; Allocation of one variable input; Production with two or more variable inputs; Productions of two or more products; The production process through time; Economics of size and their implications for farms; Introduction to decision theory; Linear programming; Farm adjustments in a changing economy.
Author: Rolf Färe
Publisher: Springer Science & Business Media
ISBN: 9780792395188
Category : Business & Economics
Languages : en
Pages : 194
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Book Description
This text presents a complete summary of the major results in duality theory pioneered by Ronald W. Shephard. Building on this base, the authors present new findings including the duality relationship between the profit function and the eight equivalent representations of technology that were elucidated by Shephard. Finally, it provides a number of applications of duality theory to economic problems. These include efficiency measurement, index number theory, shadow pricing, cost-benefit analysis and econometric estimation.
Author: Heinz D. Kurz
Publisher: Cambridge University Press
ISBN: 9780521588676
Category : Business & Economics
Languages : en
Pages : 596
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Book Description
This compelling book contains a comprehensive analytical treatment of the theory of production in a long-period framework. Although the authors take a 'Classical' approach to their subject, the scope of investigation and methods employed should interest all economic theorists. Professors Kurz and Salvadori explore economic systems that are characterised by a particular kind of primary input in the production process, such as different kinds of labour and natural resources. These systems and the corresponding prices can be understood to reflect characteristic features of a capitalist market economy in an ideal way: they express the pure logic of the relationship between value and distribution in an economic system. Specific chapters deal with prices and income distribution, economic growth, joint production, fixed capital, scarce natural resources (both renewable and exhaustible), and heterogeneous labour. The historical origins of the concepts used are also discussed in considerable detail.
Author: Ronald William Shephard
Publisher: Princeton University Press
ISBN: 1400871085
Category : Business & Economics
Languages : en
Pages : 321
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Book Description
A sequel to his frequently cited Cost and Production Functions (1953), this book offers a unified, comprehensive treatment of these functions which underlie the economic theory of production. The approach is axiomatic for a definition of technology, by mappings of input vectors into subsets of output vectors that represent the unconstrained technical possibilities of production. To provide a completely general means of characterizing a technology, an alternative to the production function, called the Distance Function, is introduced. The duality between cost function and production function is developed by introducing a cost correspondence, showing that these two functions are given in terms of each other by dual minimum problems. The special class of production structures called Homothetic is given more general definition and extended to technologies with multiple outputs. Originally published in 1971. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Author: Charles Britt Moss
Publisher: World Scientific
ISBN: 9811241279
Category : Business & Economics
Languages : en
Pages : 576
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Book Description
Production economics is that branch of microeconomics that examines producer decisions. This book focuses on the empirical estimation of these relationships using primal, dual, and differential specifications. The primal specification models production decisions based on the production function — estimation of the input/output relationship and the derivation of optimization behavior from this technical relationship. The dual approach estimates production decisions using economic information such as input and output prices. The textbook then develops the linkages between these relationships. The differential specification is an alternative approach derived from changes in the first-order conditions from cost minimizing behavior. In each case, the theoretical development is followed by different empirical specifications that can be used to estimate the producer's choice.
Author: Subhash C. Ray
Publisher: Springer Nature
ISBN: 9811034559
Category : Business & Economics
Languages : en
Pages : 1797
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Book Description
This three-volume handbook includes state-of-the-art surveys in different areas of neoclassical production economics. Volumes 1 and 2 cover theoretical and methodological issues only. Volume 3 includes surveys of empirical applications in different areas like manufacturing, agriculture, banking, energy and environment, and so forth.
Author: Mark Skousen
Publisher: NYU Press
ISBN: 1479848522
Category : Business & Economics
Languages : en
Pages : 464
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Book Description
Introduction : the case for a new macroeconomics -- The theory of production in classical economics -- Hayek and the 1930s : a new vision of macroeconomics -- Time and production in the post-Keynesian era -- The structure of production : the building blocks -- Time and the aggregate production structure -- Savings, technology, and economic growth -- The theory of commodity money : economics of a pure gold standard -- Economics of a fiat money standard : a theory of the business cycle -- Implications for government economic policy -- Conclusions : the future of economic theory and research
Author: George Joseph Stigler
Publisher: Transaction Publishers
ISBN: 9781412831994
Category : Business & Economics
Languages : en
Pages : 408
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Book Description
Production and Distribution Theories became a landmark in the study of economics when it was published in 1941. Nobel Laureate Stigler's book was the first to trace the development of theories alongside the history of economic thought. Stigler's pioneering effort remains a classic work on the evolution of distribution theory during a critical juncture in the development of modern industrial capitalism. Stigler examines the writings of major economists during the century, including William Stanley Jevons, Phillip Wicksteed, Alfred Marshall, F.Y. Edgeworth, and Leon Walras. He uses their works in order to show a variety of perspectives on distribution theory. Among the methods of thought he explores are neoclassical price theory and marginal productivity theory. In the new introduction, Douglas Irwin illustrates how this book came into being and notes its continuing significance to the study of economics. Joseph Schumpeter commented in his History of Economic Analysis that "this excellent work by a competent theorist is perhaps the best survey in existence of the theoretical work of that period's leaders and is strongly recommended." This judgment still stands. The book will be of great interest to those interested not only in neoclassical economics, but also in the sources of Stigler's economic thought.
