Theory of Cost and Production Functions (Princeton Studies in Mathematical Economics)

Shephard, Ronald William

ISBN 10: 0691647526 / ISBN 13: 9780691647524

Editore: Princeton University Press, 2016

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Dati bibliografici

• Titolo: Theory of Cost and Production Functions (Princeton Studies in Mathematical Economics)
• Editore: Princeton University Press
• Data di pubblicazione: 2016
• Lingua: Inglese
• ISBN 10: 0691647526
• ISBN 13: 9780691647524
• Rilegatura: Rilegato
• Condizione: New

Descrizione articolo

Riassunto

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.

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