MULTIPRODUCT PRODUCTION CHOICES AND POLICY RESPONSE Report as inadecuate




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A restricted profit function model of California agriculture is specified and estimated subject to prior information provided by economic theory. Symmetry, homogeneity, and convexity of the profit function are maintained in the estimation. Parameter estimates and elasticities are presented for four input and 10 output equations. Tests of the hypotheses of nonjointness in inputs and Hicks-neutral technical change in variable inputs and outputs are rejected. The impacts of decoupling agricultural program payments are examined.

Subject(s): Agricultural Finance

Issue Date: 1991-12

Publication Type: Journal Article

PURL Identifier: http://purl.umn.edu/32610 Published in: Western Journal of Agricultural Economics, Volume 16, Number 2 Page range: 291-303

Total Pages: 13

Record appears in: Western Agricultural Economics Association > Western Journal of Agricultural Economics





Author: McIntosh, Christopher S. ; Shumway, C. Richard

Source: http://ageconsearch.umn.edu/record/32610?ln=en







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