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Risky production functions which are commonly in use are shown to be very restrictive. In particular, such functions cannot describe technologies where inputs marginally reduce risk. A simple production function which avoids these restrictions is posited and alternative estimation procedures are discussed. Both maximum likelihood and multistage estimators are discussed.

Subject(s): Production Economics

Issue Date: 1977-08

Publication Type: Journal Article

PURL Identifier: http://purl.umn.edu/22481 Published in: Australian Journal of Agricultural Economics, Volume 21, Number 2 Page range: 111-118

Total Pages: 8

Record appears in: Australian Agricultural and Resource Economics Society (AARES) > Australian Journal of Agricultural Economics





Autor: Pope, Rulon D. ; Just, Richard E.

Fuente: http://ageconsearch.umn.edu/record/22481?ln=en



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