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| Hess, Sebastian; Surry, Yves R.. |
| While the single- output Constant Difference of Elasticities (CDE) cost function has been applied several times, its profit counterpart called “the Constant Difference of Elasticities of Transformation” (CDET) profit frontier has not yet been applied econometrically. It is an indirect, implicit, non-homothetic and non-separable frontier that may be viewed as more flexible than the commonly used CES and Cobb-Douglas specifications, while demanding less parameters to be estimated than fully flexible functional forms commonly do. We therefore introduce the CDET profit function and illustrate its potential usefulness as a parsimonious econometric model of agricultural production in Switzerland. Results indicate plausible elasticities and a satisfactory fit to... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: CDE; Profit function; Agricultural Sector; Functional Form; Switzerland; Agricultural Finance. |
| Ano: 2011 |
URL: http://purl.umn.edu/114539 |
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| Dixon, Bruce L.; Segerson, Kathleen. |
| Approximate profit functions are estimated using time-series, cross-sectional, county level data for 12 midwest states. Measures of climate variability are included in the profit functions. Simulated impacts of climate changes on profits are derived. Results show that inclusion of measures of climate variation are important for measuring the impact of changes in mean temperature and precipitation levels. Failure to account for the impact of differences in variability leads to an overestimate of damages. If global warming increases diurnal variation, such increases would have negative impacts on the profitability of midwest agriculture. |
| Tipo: Journal Article |
Palavras-chave: Climate change; Climate variability; Midwest; Profit function; Farm Management. |
| Ano: 1999 |
URL: http://purl.umn.edu/15160 |
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