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E-grāmata: Production Economics: An Empirical Approach

(Univ Of Florida, Usa)
  • Formāts: 576 pages
  • Izdošanas datums: 25-Feb-2022
  • Izdevniecība: World Scientific Publishing Co Pte Ltd
  • Valoda: eng
  • ISBN-13: 9789811241277
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Production Economics: An Empirical ApproachPalielināt
  • Formāts: 576 pages
  • Izdošanas datums: 25-Feb-2022
  • Izdevniecība: World Scientific Publishing Co Pte Ltd
  • Valoda: eng
  • ISBN-13: 9789811241277
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The Association of Southeast Asian Nations (ASEAN) has been one of the world's most dynamic and fastest-growing regions over the years. Its average combined GDP growth rate is more than 6% and the total combined GDP was valued at US $3.0 trillion in 2018. ASEAN countries have managed to significantly reduce their national poverty over the last few decades. Although a correlation exists between economic growth and poverty reduction, millions of people in ASEAN countries still do not have sufficient incomes to fulfill their basic needs including food, shelter, clothes and sanitation. This book is a collection of working group papers contributed by members of Network of ASEAN–China Think-tanks (NACT) and covers best practices on poverty alleviation in ASEAN member states as well as in China, and ASEAN-China cooperation. It discusses experiences of ASEAN member states and China such as with regard to national policies, principles, definitions, approaches, progress, and challenges in poverty reduction. It reviews and evaluates the way forward including existing joint projects, opportunities, and challenges in the future cooperation and offers policy recommendations from both national and regional perspectives to help policymakers better cope with the daunting poverty challenges.

Preface vii
About the Author xi
List of Figures
xxi
List of Tables
xxv
1 Basic Notions of Production Functions
1(70)
1.1 Overview of the Production Function
1(30)
1.1.1 One Product, One-Variable Factor Relationship
4(4)
1.1.2 Elasticity of Production
8(2)
1.1.3 One Product, Two-Variable Factors
10(5)
1.1.3.1 Some typical multivariate production functions
15(2)
1.1.3.2 Isoquants
17(4)
1.1.4 Economic Consequences of the Production Function
21(10)
1.2 Definition of the Production Function
31(23)
1.2.1 Properties of the Production Function
32(3)
1.2.2 Law of Variable Proportions
35(2)
1.2.3 Elasticity of Scale
37(4)
1.2.4 Measures of Input Substitution
41(13)
1.3 Some Simple Production Mechanics
54(11)
1.3.1 Single Produce Primal Optimization
55(1)
1.3.1.1 Profit maximization
55(3)
1.3.1.2 Cost minimization
58(1)
1.3.2 Multiproduct Primal Functions
58(7)
1.4
Chapter Summary
65(1)
1.5 Review Questions
66(1)
1.6 Exercises
66(5)
2 Estimation of the Primal
71(82)
2.1 Imputing the Parameters of a Production Function from Sample Means
72(3)
2.2 Estimation Using Ordinary Least Squares
75(6)
2.3 Maximum Likelihood
81(10)
2.3.1 Maximum Likelihood and Normality
83(2)
2.3.2 Estimating the Gamma Distribution
85(2)
2.3.3 Transformations to Normality
87(4)
2.4 Simultaneity
91(11)
2.4.1 Indirect Least Squares
95(2)
2.4.2 Two-Stage Least Squares and Instrumental Variables
97(5)
2.5 Stochastic Production Functions
102(5)
2.6 Panel Data Estimation
107(15)
2.6.1 Analysis of Covariance
108(7)
2.6.1.1 Dummy variable formulation
115(1)
2.6.1.2 Sweep matrices
115(2)
2.6.2 Random Effects Models
117(5)
2.7 Other Considerations and Specifications
122(28)
2.7.1 Stochastic Error Functions
122(4)
2.7.1.1 Corrected ordinary least squares
126(1)
2.7.1.2 Modified ordinary least squares
127(3)
2.7.1.3 Maximum likelihood estimation
130(5)
2.7.2 Non-parametric Functions
135(1)
2.7.2.1 Fourier expansions
135(9)
2.7.2.2 Non-parametric regressions
144(6)
2.8
Chapter Summary
150(1)
2.9 Review Questions
151(1)
2.10 Exercises
151(2)
3 Empirical Examples of the Primal
153(100)
3.1 The Problem with Data
155(53)
3.1.1 Aggregation Across Firms
156(16)
3.1.2 Aggregation of Inputs
172(18)
3.1.3 The Capital Question
190(6)
3.1.3.1 Multiple quasi-fixed assets
196(1)
3.1.3.2 Basic imputed value problem
197(2)
3.1.3.3 Empirical model
199(2)
3.1.3.4 Data
201(1)
3.1.3.5 Estimates for continental United States
202(2)
3.1.3.6 Estimated shadow values based on Heartland
204(1)
3.1.3.7 Test for quasi-fixity
205(1)
3.1.3.8 Implications
206(2)
3.2 Production Functions in Agriculture
208(13)
3.3 Univariate Fitting of the Zellner Function --- Valuation of Precision Agriculture
221(28)
3.3.1 Estimation
222(3)
3.3.2 Empirical application
225(3)
3.3.3 Application to precision agriculture
228(1)
3.3.3.1 Analysis based on the hyperbolic tangent production function
228(3)
3.3.3.2 Perfect separation
231(6)
3.3.3.3 Imperfect separation
237(4)
3.3.3.4 Using the Zellner and Cobb-Douglas specifications
241(8)
3.4
Chapter Summary
249(1)
3.5 Review Questions
249(1)
3.6 Exercises
250(3)
4 Cost and Profit Functions
253(46)
4.1 Definition of the Cost Function
253(1)
4.2 Properties of the Cost Function
254(10)
4.2.1 Positive Cost of Production
256(1)
4.2.2 Higher Input Prices Imply Higher Cost
257(2)
4.2.3 Concavity of the Cost Function
259(2)
4.2.4 Linear Homogeneity
261(1)
4.2.5 Shephard's Lemma
261(3)
4.3 Comparative Statics
264(5)
4.4 The Duality Between Cost and Production Functions
269(22)
4.4.1 Diewert's Proof
270(1)
4.4.1.1 Conditions on the Production Function
270(2)
4.4.1.2 Conditions on Production Possibility Sets L(y)
272(2)
4.4.1.3 Properties of the Cost Function
274(4)
4.4.1.4 Duality
278(1)
4.4.1.5 Shephard's Lemma
278(1)
4.4.2 Shephard's Proof
279(5)
4.4.2.1 Shephard's Cost Function
284(7)
4.5 Profit Functions
291(6)
4.5.1 Primal Approach to the Profit Function
291(1)
4.5.2 Starting with the Cost Function
292(1)
4.5.3 Properties of the Profit Function
292(1)
4.5.3.1 Properties of the Profit Function
292(1)
4.5.4 Netput Vector
293(1)
4.5.5 Hotelling's Lemma
294(2)
4.5.6 Le Chatelier--Samuelson Principle
296(1)
4.5.7 Dual Profit Function
296(1)
4.6
Chapter Summary
297(1)
4.7 Review Questions
298(1)
4.8 Exercises
298(1)
5 Estimating Dual Relationships
299(80)
5.1 Flexible Functional Forms
299(6)
5.1.1 Generalized Second-Order Taylor Series Expansion
300(3)
5.1.2 Fourier Expansion
303(2)
5.2 Estimation of Cost Systems
305(8)
5.2.1 Choice of Estimators
305(1)
5.2.2 Limits to Flexible Functional Forms
306(1)
5.2.3 Aggregation Issues
306(2)
5.2.4 Imposing Restrictions
308(5)
5.3 Elasticities of Substitution
313(4)
5.4 Empirical Examples of Cost Specifications
317(59)
5.4.1 Quadratic Cost Function
317(22)
5.4.2 Normalized Quadratic Cost Function
339(4)
5.4.3 McFadden Cost Function
343(4)
5.4.4 Concepts of Subadditivity
347(2)
5.4.4.1 Measuring scope and scale economies in agricultural banking
349(2)
5.4.4.2 General formulation for the economies of scope and scale
351(1)
5.4.4.3 Quadratic example with pseudo-data
352(3)
5.4.4.4 Subadditivity and the translog
355(3)
5.4.4.5 Admissible region
358(1)
5.4.4.6 Application with agricultural productivity data
359(3)
5.4.4.7 Composite cost functions and subadditivity
362(2)
5.4.5 Estimating Revenue and Profit Functions
364(1)
5.4.5.1 Univariate revenue function
364(2)
5.4.5.2 Multioutput revenue function
366(1)
5.4.5.3 Empirical profit function
367(3)
5.4.6 Quasi-Fixed Inputs and Dual Cost Functions
370(1)
5.4.6.1 Empirical revenue function with quasi-fixed variable
370(3)
5.4.6.2 Quasi-fixed inputs and the profit function
373(3)
5.4.6.3 Quasi-fixed variables and the cost function
376(1)
5.5
Chapter Summary
376(1)
5.6 Review Questions
377(1)
5.7 Exercises
377(2)
6 Technical Change and Efficiency
379(48)
6.1 The Economics of Technical Change
379(18)
6.1.1 Measuring Technical Change with Cost or Profit Functions
381(2)
6.1.2 Total Factor Productivity and Index Number Theory
383(6)
6.1.3 Valuing State-Level Research
389(1)
6.1.3.1 Cointegration estimator
390(2)
6.1.4 Technological Change and Factor Bias
392(5)
6.2 Measuring Economic Efficiency
397(26)
6.2.1 An Overview of Economic Efficiency
397(2)
6.2.1.1 Technical inefficiency
399(2)
6.2.1.2 Allocative inefficiency
401(2)
6.2.1.3 Total inefficiency
403(1)
6.2.2 Distance Function Formulations of Technical and Allocative Inefficiency
404(1)
6.2.2.1 Fare and Primont's approach to distance functions
405(3)
6.2.2.2 Properties of Debreu-Farrell measures of technical efficiency
408(3)
6.2.3 Parametric Estimation of Inefficiency --- Econometrics
411(12)
6.3
Chapter Summary
423(1)
6.4 Review Questions
424(1)
6.5 Exercises
425(2)
7 Differential Models of Production
427(60)
7.1 Overview of the Differential Approach
428(12)
7.1.1 Consumer Demand
428(1)
7.1.2 Setting Up the Differential Formulation of Consumer Behavior
429(6)
7.1.3 Barten's Fundamental Matrix
435(5)
7.2 Differential Model of Production
440(30)
7.2.1 Derivation of the Single Product Input Demand Model
440(10)
7.2.2 Change in Marginal Cost of Production
450(5)
7.2.3 Multiproduct Firm
455(13)
7.2.4 Introduction of Quasi-Fixed Variables
468(2)
7.3 Empirical Examples
470(14)
7.3.1 Empirical Estimates Using Single Product Formulation
471(5)
7.3.2 Empirical Estimates Using Multiple Product Formulation
476(8)
7.4
Chapter Summary
484(1)
7.5 Review Questions
484(1)
7.6 Exercises
485(2)
8 Topics and Applications
487(22)
8.1 An Economist's Lament --- A State-Space Approach to Production Functions
487(10)
8.1.1 Deriving the State-Space Production Function
488(5)
8.1.2 Beyond Economic Abstraction
493(1)
8.1.2.1 Variations in soil types
493(4)
8.2 Non-Normality and the Cost Function
497(3)
8.3 Derived Demand for Corn in the Production of Ethanol
500(6)
8.3.1 Data and Econometric Methods
503(1)
8.3.2 Results
503(3)
8.4
Chapter Summary
506(3)
9 Conclusions and Suggestions for Further Research
509(8)
9.1 Reduction of the Production Decisions to Time
510(2)
9.2 Estimating the Production Function
512(2)
9.3 Misspecification of the Dual
514(2)
9.4 Final Thoughts
516(1)
Appendix A Closed-Form Solutions
517(4)
A.1 Polynomials
517(4)
Appendix B Numerical Approximations and Methods
521(6)
B.1 Approximating a Production Function with a Quadratic
521(2)
B.2 A Quick Primer on Numeric Optimization
523(4)
Glossary 527(4)
References 531(10)
Index 541
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