Download e-book for kindle: Multi-Output Production and Duality: Theory and Applications by Rolf Färe

By Rolf Färe

Our unique explanation for scripting this booklet used to be the will to put in writing in a single position a whole precis of the main ends up in du­ ality conception pioneered through Ronald W. Shephard in 3 of his books, expense and construction capabilities (1953), thought of fee and Produc­ tion capabilities (1970), and oblique creation services (1974). during this manner, beginners to the sector might have easy accessibility to those vital rules. In adg,ition, we document a couple of new result of our personal. particularly, we exhibit the duality courting among the revenue functionality and the 8 an identical representations of technol­ ogy that have been elucidated by means of Shephard. notwithstanding, in making plans the e-book and discussing it with colleagues it turned obvious that this sort of ebook will be extra worthwhile if it additionally supplied a few purposes of Shephard's duality concept to financial difficulties. therefore, we've got additionally tried to give examination­ ples of using duality conception in components corresponding to potency degree­ ment, index quantity conception, shadow pricing, cost-benefit research, and econometric estimation. a lot of our puzzling over duality conception and its makes use of has been encouraged through our current and previous collaborators. They contain Charles Blackorby, Shawna Grosskopf, Knox Lovell, Robert Russell, and, now not strangely, Ronald W. Shephard. we've additionally profit­ ted through the years from many discussions with W. Erwin Diewert.

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Multi-Output Production and Duality: Theory and Applications by Rolf Färe PDF

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Example text

N=l Condition (i) says that a positive amount of each output can be produced by at least one activity. Condition (ii) states that each activity k can produce a positive amount of at least one output. Condition (iii) requires that a positive amount of each input is used by at least one activity. Condition (iv) says that every activity must use a positive amount of at least one input. Using the techniques of activity analysis, various technologies can be constructed from the K observed, feasible activities.

The price derivatives of cost and revenue functions are shown to generate conditional demand and supply functions, and their derivatives with respect to outputs and inputs, respectively are used in determining scale elasticities. 3 to find shadow prices of inputs and outputs. 4 to compute allocative and overall efficiency. Price indexes are defined as ratios of cost and revenue functions. For these indexes to be output and input independent the concepts of input and outpu,t homotheticity are employed.

3 R(x, r) is convex and continuous in prices. 3 may be found in Shephard (1970) and McFadden (1978). 9). 4) for positive prices then P(x) = {y : y E ~~, ry ~ R(x, r) for all r > O}, x E ~~. 6) P(x) = {y: y E ~~,ry ~ R(x,r) for all r > O}. 6) becomes ~ Do(x,y) ~ 1, then R(x,r) = m:x{ry: Do(x,y) ~ 1},r E ~tt, (III) Do(x, y) = sup{ry : R(x, r) ~ I}, y E ~. 8), (III) can also be written as: R(x,r) = (III') max{~D r } ,r E ~tt, y lJo(x,y) Of course, (III') implies that R(x, r) ~ ryj Do(x, y), 51 Cost and Revenue Functions or R(x, r)Do(x, y) ~ ry, Y E ~~,r E ~~.

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