Charles BrittMoss
Production Economics: An Empirical Approach
Production Economics: An Empirical Approach
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- More about Production Economics: An Empirical Approach
Production economics is a branch of microeconomics that examines producer decisions, focusing on empirical estimation using primal, dual, and differential specifications. The primal specification models production decisions based on the production function, the dual approach uses economic information, and the differential specification is an alternative approach derived from changes in the first-order conditions.
Format: Hardback
Length: 576 pages
Publication date: 25 March 2022
Publisher: World Scientific Publishing Co Pte Ltd
Production economics is a subfield of microeconomics that delves into the analysis of producer choices. This comprehensive book aims to empirically estimate the various relationships involved in production decisions through the use of primal, dual, and differential specifications. The primal specification, rooted in the production function, models production choices by estimating the input-output relationship and deriving optimization behavior from this technical connection. On the other hand, the dual approach employs economic information, such as input and output prices, to estimate production decisions. The textbook then establishes the connections between these different relationships. Additionally, the differential specification emerges as an alternative approach, derived from alterations in the first-order conditions resulting from cost-minimizing behavior. Throughout the text, theoretical developments are accompanied by diverse empirical specifications that enable the estimation of producer choices.
ISBN-13: 9789811238864
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