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A Dual Approach to Estimation With Constant Prices AgEcon
Paris, Quirino; Caputo, Michael R..
In a recent paper, Mundlak assumes that the price-taking, risk-neutral and profit-maximizing entrepreneur makes his decisions on the basis of a planning model that maximizes expected profit using expected prices. In the same paper, the author asserts that when there is no sample price variation across competitive firms, it is impossible to estimate the supply and factor demand functions from cross-section data using a dual approach. In a famous paper, titled “To Dual or not to Dual,” Pope asserted a similar opinion. This paper shows that, using Mundlak’s assumption about planning decisions based upon expected profit, it is possible to use a dual estimator to estimate supply and factor demand functions. This objective is achieved by using Mundlak’s...
Tipo: Working or Discussion Paper Palavras-chave: Constant prices; Dual approach; Cobb-Douglas; Nonlinear errors-in-variables; Demand and Price Analysis; Research Methods/ Statistical Methods; D0; C3.
Ano: 2003 URL: http://purl.umn.edu/93740
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A Nonlinear Generalized Additive Error Model of Production and Cost AgEcon
Paris, Quirino; Caputo, Michael R..
In 1944, Marschak and Andrews published a seminal paper on how to obtain consistent estimates of a production technology. The original formulation of the econometric model regarded the joint estimation of the production function together with the first-order necessary conditions for profit-maximizing behavior. In the seventies, with the advent of econometric duality, the preference seemed to have shifted to a dual approach. Recently, however, Mundlak resurrected the primal-versus-dual debate with a provocative paper titled “Production Function Estimation: Reviving the Primal.” In that paper, the author asserts that the dual estimator, unlike the primal approach, is not efficient because it fails to utilize all the available information. In this paper we...
Tipo: Working or Discussion Paper Palavras-chave: Primal; Dual; Cobb-Douglas; Nonlinear errors-in-variables; Productivity Analysis; Research Methods/ Statistical Methods; D0; C3.
Ano: 2004 URL: http://purl.umn.edu/93743
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Accounting for Heterogeneity in Hedging Behavior: Comparing & Evaluating Grouping Methods AgEcon
Pennings, Joost M.E.; Garcia, Philip; Irwin, Scott H..
Heterogeneity, i.e., the notion that individuals respond differently to economic stimuli, can have profound consequences for the interpretation of behavior and the formulation of agricultural policy. This paper compares and evaluates three grouping techniques that can be used to account for heterogeneity in financial behavior. Two are well established: company-type grouping and cluster analysis. A third, the generalized mixture regression model, has recently been developed and is worth considering as market participants are grouped such that their response to the determinants of economic behavior is similar. We evaluate the grouping methods in a hedging framework by assessing their ability to reflect relationships consistent with theory. The empirical...
Tipo: Conference Paper or Presentation Palavras-chave: Economic behavior; Heterogeneity; Hedging; Methods; Risk and Uncertainty; A10; B40; C1; D0; G0; L2; Q13.
Ano: 2011 URL: http://purl.umn.edu/114787
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Efficient Estimates of a Model of Production and Cost AgEcon
Paris, Quirino; Caputo, Michael R..
In 1944, Marschak and Andrews published a seminal paper on how to obtain consistent estimates of a production technology. The original formulation of the econometric model regarded the joint estimation of the production function together with the first-order necessary conditions for profit-maximizing behavior. In the seventies, with the advent of duality theory, the preference seemed to have shifted to a dual approach. Recently, however, Mundlak resurrected the primal-versus-dual debate with a provocative paper titled “Production Function Estimation: Reviving the Primal.” In that paper, the author asserts that the dual estimator, unlike the primal approach, is not efficient because it fails to utilize all the available information. In this paper we argue...
Tipo: Working or Discussion Paper Palavras-chave: Primal; Dual; Cobb-Douglas; Nonlinear errors-in-variables; Productivity Analysis; Research Methods/ Statistical Methods; D0; C3.
Ano: 2004 URL: http://purl.umn.edu/93742
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Estimation of Consumer Demand Functions When the Observed Prices Are the Same for All Sample Units AgEcon
Paris, Quirino.
With the advent of the almost ideal demand system (AIDS) of Deaton and Muellbauer, the estimation of consumer demand functions revolves around specifications that use flexible functional forms of the indirect utility function. This dual approach has put on the backburner the traditional primal approach because the direct utility function exists only in a latent state. The lack of explicit, analytical invertibility of either system, however, is an indication that focusing exclusively on the dual side of the consumer problem is equivalent to disregard potentially important and independent information residing with the primal side. This paper suggests that efficient estimates (in the sense of using all the available information) of the demand functions...
Tipo: Working or Discussion Paper Palavras-chave: Consumer demand functions; Primal; Dual; Nonlinear errors-in-variables; Demand and Price Analysis; Research Methods/ Statistical Methods; D0.
Ano: 2003 URL: http://purl.umn.edu/93739
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NORMS, SELF-SANCTIONING, AND CONTRIBUTIONS TO THE PUBLIC GOOD AgEcon
Interis, Matthew G.; Haab, Timothy C..
The relationship between norms, self-sanctioning, and people’s decisions about contributing to public goods is complex and often misunderstood in the public goods literature. We develop a model in which individuals hold an injunctive norm indicating how much they believe one should contribute to the public good. From the model we derive the following testable hypotheses: an increase in one’s perception of the norm level of contribution to the public good (1) induces negative self-sanctioning and (2) will lead one to contribute more to the public good, and (3) that contributing to the public good induces positive self-sanctioning. To test these hypotheses, we elicit stated preferences for contributions to an organization which offsets carbon emissions...
Tipo: Conference Paper or Presentation Palavras-chave: Public goods; Norms; Sanctioning; Image; Environmental Economics and Policy; Public Economics; H4; Q5; D0.
Ano: 2009 URL: http://purl.umn.edu/55964
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Oligopsony Power in the Ukrainian Milk Processing Industry: Evidence from the Regional Markets for Raw Milk AgEcon
Perekhozhuk, Oleksandr; Grings, Michael; Glauben, Thomas.
Most of the studies based on the New Empirical Industrial Organization (NEIO) approach use the industry data to estimate the degree of market power at the national level. Yet, only a few empirical studies presented the results that measure the degree of market power at the regional level and found the existence of market power in the regional markets. While the fact is that there is an extensive evidence for the existence of potential oligopsony market power in the Ukrainian milk processing industry (price cartels and geographic market sharing among milk processing enterprises, interference of the state authorities, higher concentration on regional markets), the estimation results of the market structure model at the national level did not produce any...
Tipo: Conference Paper or Presentation Palavras-chave: New Empirical Industrial Organization (NEIO); Oligopsony Power; Ukraine.; Industrial Organization; C0; D0; D4; L0; Q1.
Ano: 2009 URL: http://purl.umn.edu/50965
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Optimal Mechanisms for Heterogeneous Multi-cell Aquifers AgEcon
Athanassoglou, Stergios; Sheriff, Glenn; Siegfried, Tobias; Tim Huh, Woonghee.
Standard economic models of groundwater management impose restrictive assumptions regarding perfect transmissivity (i.e., the aquifer behaves as a bathtub), no external effects of groundwater stocks, observability of individual extraction rates, and/or homogenous agents. In this article, we derive regulatory mechanisms for inducing the socially optimal extraction path in Markov perfect equilibrium for aquifers in which these assumptions do not hold. In spite of the complexity of the underlying system, we identify an interesting case in which a simple linear mechanism achieves the social optimum. To illustrate potential problems that can arise by erroneously imposing simplifying assumptions, we conduct a simulation based on data from the Indian state of...
Tipo: Working or Discussion Paper Palavras-chave: Common Property Resource; Differential Games; Groundwater Extraction; Imperfect Monitoring; Markov Perfect Equilibrium; Environmental Economics and Policy; C6; D0.
Ano: 2011 URL: http://purl.umn.edu/102502
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Primal-Dual Estimation of a Linear Expenditure Demand System AgEcon
Paris, Quirino; Perali, Carlo Federico; Piccoli, Luca.
Efficient estimates require the utilization of all the available theoretical and statistical information. This fact suggests that econometric models based on an explicit optimization theory might achieve more efficient estimates when all the primal and dual relations are used for a joint estimation of the model’s parameters. We present a discussion of this idea using a Linear Expenditure System (LES) of consumer demand. We assume that the risk-neutral household chooses its consumption plan on the basis of expected information. Some time after that decision, the econometrician attempts to measure quantities and prices and in so doing commits measurement errors. Hence, the econometric model is an errors-in-variables nonlinear system of equations for which...
Tipo: Working or Discussion Paper Palavras-chave: Consumer demand functions; Primal-dual; Linear expenditure system; Demand and Price Analysis; Research Methods/ Statistical Methods; D0.
Ano: 2004 URL: http://purl.umn.edu/93741
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The adoption of innovative cropping systems under price and production risks: a dynamic model of crop rotation choice AgEcon
Ridier, Aude; Chaib, Karim; Roussy, Caroline.
In the paper we investigate the role played by both production and market risks on farmer’s decision to adopt long rotations (over 2 years), considered as innovative cropping systems. We build a multiperiod dynamic farm model (run under GAMS) that arbitrates each year between traditional and innovative rotations. With discrete stochastic programming, the production risk is accounted as an intra-year risk; yearly farming operations are declined according to a decision tree where probabilities are assigned. Subjective yield and cost distributions linked to this decision tree are elicited among a sample of 13 farmers that are experiencing this innovation in South-western France. The price risk is randomly distributed with a given market trend. The crop...
Tipo: Presentation Palavras-chave: Innovative cropping systems; Dynamic model; Crop rotation decision; Risk; Subjective probabilities; Risk and Uncertainty; C61; D0; Q12; Q55.
Ano: 2012 URL: http://purl.umn.edu/122440
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The merger of populations, the incidence of marriages, and aggregate unhappiness AgEcon
Stark, Oded; Rendl, Franz; Jakubek, Marcin.
Let a society’s unhappiness be measured by the aggregate of the levels of relative deprivation of its members. When two societies of equal size, F and M, merge, unhappiness in the merged society is shown to be higher than the sum of the levels of unhappiness in the constituent societies when apart; merger alone increases unhappiness. But when societies F and M merge and marriages are formed such that the number of households in the merged society is equal to the number of individuals in one of the constituent societies, unhappiness in the merged society is shown to be lower than the aggregate unhappiness in the two constituent societies when apart. This result obtains regardless of which individuals from one society form households with which individuals...
Tipo: Working or Discussion Paper Palavras-chave: Merger of populations; Integration of societies; Unhappiness; Marriages; Relative deprivation; Institutional and Behavioral Economics; D0; D10; D31; D63.
Ano: 2011 URL: http://purl.umn.edu/109968
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