Download or read book Theory of Cost and Production Functions written by Ronald William Shephard and published by Princeton University Press. This book was released on 2016-04-19 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: A sequel to his frequently cited Cost and Production Functions (1953), this book offers a unified, comprehensive treatment of these functions which underlie the economic theory of production. The approach is axiomatic for a definition of technology, by mappings of input vectors into subsets of output vectors that represent the unconstrained technical possibilities of production. To provide a completely general means of characterizing a technology, an alternative to the production function, called the Distance Function, is introduced. The duality between cost function and production function is developed by introducing a cost correspondence, showing that these two functions are given in terms of each other by dual minimum problems. The special class of production structures called Homothetic is given more general definition and extended to technologies with multiple outputs. Originally published in 1971. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Download or read book Theory of Production and Cost written by Günter Fandel and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: Production theory and the theory of cost both belong to the central areas of business administration, for all considerations concerning the economic organization of industrial manufacturing processes start from these. Two developments in the past 30 years have had a considerable influence on the structure and the concentration on points of emphasis in this book. I am referring to findings from KOOPMANS' activity analysis and to the formulation by GUTENBERG of a production function concept that focuses on industrial production processes. Activity analysis has made it possible to develop, from a uniform approach, different types of production functions which describe the concrete principles of production in the productive sector of a business enterprise; this has created a common basis for all production concepts in business administration. The Gutenberg Production Function with its different kinds of adjustment to a changing output has opened up a flexibility to theoretical and practical considerations that gave rise to a large number of additional studies in this area. Considerations in cost theory were in particular need of considerable extensions in the direction of cost minimal combined adjustment processes. By means of the organization of its contents, this book will take both approaches into due account. In that way, it is vastly different from other books dealing with the same subject. As a matter of course, traditional analytical methods and ways of thinking also constitute a large part of the book.

Download or read book Cost and Production Functions written by R.W. Shephard and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study is the result of an interest in the economic theory of production intermittently pursued during the past three years. Over this period I have received substantial support from the Office of Naval Research, first from a personal service consulting contract directly with the Mathematics Division of the Office of Naval Research and secondly from Project N6 onr-27009 at Princeton Univer sity under the direction of Professor Oskar Morgenstern. Grateful acknowledgement is made to the ·Office of Naval Research for this support and to Professor Morgenstern, in particular, for his interest in the puolication of this research. The responsibility for errors and omissions, how ever, rests entirely upon the author. Professor G. C. Evans has given in terms of a simple total cost function, depending solely upon output rate, a treatment of certain aspects of the economic theory of production which has inherent generality and convenience of formulation. The classical approach of expressing the technology of production by means of a production function is potentially less restrictive than the use of a simple total cost function, but it has not been applied in a more general form other than to derive the familiar conditions between marginal productivities of the factors of produc tion and their market prices.

Download or read book Economic Production written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2023-11-06 with total page 883 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Economic Production The process of production involves bringing together a number of different inputs, which can be either material or immaterial, in order to create output. In a perfect world, this output will be some kind of valuable good or service that contributes in some way to the overall utility of individual people. The theory of economics that is concerned with production is referred to as production theory, and it is closely connected to the theory of economics that is concerned with consumption. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Production (economics) Chapter 2: Growth accounting Chapter 3: Microeconomics Chapter 4: Capital intensity Chapter 5: Production function Chapter 6: Productivity Chapter 7: Output in economics Chapter 8: Capital accumulation Chapter 9: Total factor productivity Chapter 10: Surplus product Chapter 11: Prices of production Chapter 12: Net output Chapter 13: Productivity model Chapter 14: Measurement in economics Chapter 15: Factor market Chapter 16: Technological theory of social production Chapter 17: Fei-Ranis model of economic growth Chapter 18: Cambridge capital controversy Chapter 19: Socially necessary labour time Chapter 20: Surplus value Chapter 21: Macroeconomics (II) Answering the public top questions about economic production. (III) Real world examples for the usage of economic production in many fields. (IV) Rich glossary featuring over 1200 terms to unlock a comprehensive understanding of economic production Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of economic production.

Download or read book Production Economics written by Chauncey T. K. Ching and published by Transaction Publishers. This book was released on 1985-01-01 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: By combining information from microeconomics, mathematics, production functions, and temporal and spatial related production analyses, this book provides a variety of essential information to agricultural economics, economics, and business students. Empirical application of production theory and technique is presented at great length; actual data collected from various agricultural enterprises and experiments are used for production function analyses; and methodological and statistical problems commonly encountered in empirical research are carefully addressed. This book fulfills two great needs in the agricultural economics profession: a textbook suitable for senior-level and graduate students that develops and illustrates how calculus and linear algebra can be used in understanding production economics; and for a scholarly work that illustrates empirical applications and results of production function analyses and production theory.

Download or read book Production Functions and Aggregation written by Kazuo Satō and published by . This book was released on 1975 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic research monograph on the economic theory of production functions and aggregation - includes a bibliography pp. 301 to 307.

Download or read book Production Economics written by John P. Doll and published by . This book was released on 1978 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: Production and cost functions; Allocation of one variable input; Production with two or more variable inputs; Production of two or more products; The production process through time; Economics of size and their implications for farms introduction to dicision theory; Linear programming ...

Download or read book Fundamentals of Production Theory written by Rolf Färe and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: This graduate text develops production theory from a set of reasonable axioms. The theory is presented both in a primal and dual as well as in an indirect (constrained) framework. The basic model leads to a set of efficiency measures which can be readily employed in empirical work. A first draft of the text was used to teach students at Vanderbilt University. The text includes a variety of exercise problems.

Download or read book Production and Cost Functions written by Erkin Bairam and published by Routledge. This book was released on 2018-04-27 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2001. The objective of this book is to discuss specification and applications of new production, cost and profit functions. It is aimed at specialists in production, economic growth, costs, profits and applied econometrics in particular.

Download or read book Cost and Production Functions written by Ronald William Shephard and published by Springer. This book was released on 1981 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Production Economics A Dual Approach to Theory and Applications written by Melvyn Fuss and published by Elsevier. This book was released on 2014-06-28 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contributions to Economic Analysis: Production Economics: A Dual Approach to Theory and Applications, Volume 2 focuses on the theory of production from the standpoint of the "dual", the relationships between economic observables which are dual to physical technology. The selection first ponders on duality, intermediate inputs and value-added, Hicks' aggregation theorem and the existence of a real value-added function, and homotheticity and real value-added in Canadian manufacturing. Discussions focus on real value-added and the production structure, estimation of the production structure, double deflation and real value-added, measurement of total productivity, and duality between direct and conditional indirect utility functions. The book then examines the estimation techniques for the elasticity of substitution and other production parameters and measurement of the elasticity of factor substitution and bias of technical change. The publication takes a look at the identification of technical change in the electricity generating industry, factor substitution in electricity generation, and the effectiveness of rate-of-return regulation. Topics include statistical tests of regulatory effectiveness, profit function for a regulated firm, tests of the structure of technology, identification problems in the measurement of technical change, and measurement of disembodied technical change. The selection is a valuable source of information for economists and researchers interested in production economics.

Download or read book The Aggregate Production Function and the Measurement of Technical Change written by Jesus Felipe and published by Edward Elgar Pub. This book was released on 2013 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an extremely important and long-awaited book. The authors provide a cogent guide to all that is wrong with the theory and empirical applications of the discredited notion of an aggregate production function. Their critique has devastating implications for orthodox macroeconomics. Anwar Shaikh, New School for Social Research, US There are none so blind as those who will not see. For decades now John McCombie and Jesus Felipe have been publishing papers which draw out the implications of the conceptual vacuousness that characterises fitting aggregate production function specifications to data to test the validity of the marginal productivity theory of distribution, a critique first developed by Henry Phelps Brown and Herbert Simon. By careful empirical and theoretical work, they have reached the conclusion that the huge literature on aggregate production functions and technical progress is not even wrong because predictions cannot be tested, that they are only variations on manipulations of national accounting identities. Perhaps this time it really will be different, the scales will fall from the professions eyes. I certainly hope so. G.C. Harcourt, Jesus College, Cambridge, UK and University of New South Wales, Australia This is a very important book. Proofs that aggregate production functions do not exist have been around for more than 50 years. This casts doubt not only on macroeconomic theory but also on empirical work and policy. Yet, this has not deterred macro-economists. The authors show in great detail that the apparent fit of such functions to value-based data is a tautology and not a proof that such aggregates exist. One hopes that the profession will finally take note. Franklin M. Fisher, Massachusetts Institute of Technology, US Felipe and McCombie have gathered all of the compelling arguments denying the existence of aggregate production functions and showing that econometric estimates based on these fail to measure what they purport to quantify: they are artefacts. Their critique, which ought to be read by any economist doing empirical work, is destructive of nearly all that is important to mainstream economics: NAIRU and potential output measures, measures of wage elasticities, of output elasticities and of total factor productivity growth. Marc Lavoie, University of Ottawa, Canada This authoritative and stimulating book represents a fundamental critique of the aggregate production function, a concept widely used in macroeconomics. The authors explain why, despite the serious aggregation problems that surround it, aggregate production functions often give plausible statistical results. This is due to the use of constant-price value data, rather than the theoretically correct physical data, together with an underlying accounting identity that relates the data definitionally. It is in this sense that the aggregate production function is not even wrong: it is not a behavioural relationship capable of being statistically refuted. The book examines the history of the production function and shows how certain seminal works on neoclassical growth theory, labour demand functions and estimates of the mark-up, among others, suffer from this fundamental problem. The book represents a fundamental critique of the aggregate production function and will be of interest to all macroeconomists.

Download or read book Production Economics written by Svend Rasmussen and published by Springer Science & Business Media. This book was released on 2012-08-04 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers the basic theory of how, what and when firms should produce to maximise profits. Based on the neoclassical theory of the firm presented in most general microeconomic textbooks, it extends the general treatment and focuses on the application of the theory to specific problems that the firm faces when making production decisions to maximise profits. Increasing level of government regulation and the use of specialised and often very expensive equipment in modern production motivates the following focus areas: 1) How to optimise production under restrictions., 2) Treatment of fixed inputs and the process of input fixation, 3) Optimisation of production over time, 4) Linear and Mixed Integer Programming as tools for optimisation in practice. This updated second edition includes a more comprehensive introduction to the theory of decision making under risk and uncertainty as well as a new chapter on how to use linear programming to generate the supply function of the firm.

Download or read book Production Theory written by W. Eichhorn and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Economics of Made to Order Production written by Thomas R. Gulledge and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: The airframe industry is usually recognized as being different from most manufacturing industries. These differences, which are characterized by the number of units produced and the frequency of design changes, have been evident for many years. This uniqueness and the corresponding implications for cost estimation became particularly evident during World War II. The aircraft industry generally has been considered unique in that it differs from other manufacturing in the quantity of units manufactured and with the frequency with which changes are made during the course of manufacturing operations. In mass-production industries, manufacturing thousands or hundreds of thousands of identical units, methods and cost of production tend to remain fairly constant after production has been stabilized, whereas in the aircraft industry, method improvements are constantly being made and cost is a variable depending on the number of airplanes being manufactured (Berghell, 1944). These differences, coupled with political considerations, place unusual demands on cost modelers. This has been particularly true in recent years where large cost overruns have generated Congressional demands for better cost estimates. Traditionally, cost estimators in the airframe industry have used one or more of the following estimating techniques: 1. industrial engineering time standards, 2. parametric cost estimating models, 3. learning curves. All of the methods have been used with mixed results in specific situations. The general emphasis of all three approaches is cost estimation for planning purposes prior to beginning production, although some of the techniques may be used during the production phase of a program.

Download or read book Steady State Capital Theory written by C.C. v. Weizsäcker and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: The following lecture notes were written shortly after I gave a course on capital theory in the winter-semester 1970/71 at the Univer sity of Heidelberg. While the general line of the argument is similar to the one in the course, I have modified and added a large number' of specific points in the process of writing the English version. I should like to emphasize the narrow limitations of the material covered in these notes. I have completely concentrated on steady states of stationary and exponentially growing economies, even up to the point where there is the danger of misleading the reader1 I have done this for several reasons. Other activities have not left me with a sufficient amount of time to be able to find the unifying principle of analysis and mode of presentation for the dynamic aspects of capi tal theory which would have made it worthwhile to add a sizeable book to the large body of literature in this field. On the other hand over the last couple of years I have become increasingly aware that some of the results in steady state capital theory (which could be derived without too much mathematical effort) are of relevance in present day dis cussions about the political role of economic theory and the relative merits of orthodox and radical economics. Also these results seemed not to be known by' mO$ of the participants in these discussions.

Download or read book Production Economics written by Melvyn Fuss and published by Elsevier Science & Technology. This book was released on 1978 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: