Random Profits and Duality
Dual production specifications derived under certainty are typically randomized for econometric purposes with ad hoc error specifications. This article shows that such approaches can cause integrability conditionsto fail. In particular, if errorsin input demands represent errorsin optimization that affect output, then typical dual approachesdo not yield congruent suppliesand demands. Copyright 2002, Oxford University Press.
Year of publication: |
2002
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Authors: | Pope, Rulon D. ; Just, Richard E. |
Published in: |
American Journal of Agricultural Economics. - Agricultural and Applied Economics Association - AAEA. - Vol. 84.2002, 1, p. 1-7
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Publisher: |
Agricultural and Applied Economics Association - AAEA |
Saved in:
Online Resource
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