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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.
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.
Production economics is that branch of microeconomics that examines producer decisions. This book focuses on the empirical estimation of these relationships using primal, dual, and differential specifications. The primal specification models production decisions based on the production function — estimation of the input/output relationship and the derivation of optimization behavior from this technical relationship. The dual approach estimates production decisions using economic information such as input and output prices. The textbook then develops the linkages between these relationships. The differential specification is an alternative approach derived from changes in the first-order conditions from cost minimizing behavior. In each case, the theoretical development is followed by different empirical specifications that can be used to estimate the producer's choice.
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Classic economic considerations applied to the crucial urban problems of poverty, racial segregation, urban renewal, transportation, and education. Originally published in 1968
Statistical and engineering methods both possess advantages and disadvantages in the determination of cost behavior. This paper illustrates a wedding of the two approaches for the case of rail costs. The statistical approach of Meyer, Peck, Stenason, and Zwick is used for all cost components except linehaul and equipment depreciation. An engineering process function is used along with input costs to develop linehaul costs. Depreciation costs for cars and locomotives are estimated from equipment prices and estimated lifetimes. The resulting statistical-engineering cost function permits a detailed estimation of the cost of a train trip. It is much more flexible than the pure statistical approach as it permits changes in equipment, roadway, and loading conditions. In addition, it includes costs not amenable to engineering analysis, such as selling and administration. (Author).