Estimating Ex Ante Cost Functions for Stochastic Technologies

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dc.contributor.authorChambers, Robert G.
dc.contributor.authorSerra, Teresa
dc.date.accessioned2017-11-17T23:36:39Z
dc.date.available2017-11-17T23:36:39Z
dc.date.issued2017-07
dc.description.abstractThis paper revisits the problem of estimating ex ante cost functions previously studied by Pope and Just (1996) and Moschini (2001). An ex ante cost function that generalizes their ex ante cost functions is introduced, and an econometric procedure for estimating a flexible approximation to it is developed. That generalized cost function is economically relevant not only for the Just and Pope (1996) choice setting but for general producer risk preferences, general stochastic technologies, and general forms of price uncertainty. An econometric strategy for estimating the resulting cost structure that adapts Moschini s (2001) "full-information" approach is developed. And that is followed by an econometric application to US agriculture.en_US
dc.identifierhttps://doi.org/10.13016/M2348GH7W
dc.identifier.citationChambers, Robert G. and Teresa Serra. 2017. Estimating Ex Ante Cost Functions for Stochastic Technologies. University of Maryland, Department of Agricultural and Resource Economics Working Papers, WP 17-07.en_US
dc.identifier.urihttp://hdl.handle.net/1903/20216
dc.language.isoen_USen_US
dc.relation.isAvailableAtCollege of Agriculture & Natural Resources
dc.relation.isAvailableAtAgricultural & Resource Economics
dc.relation.isAvailableAtDigital Repository at the University of Maryland
dc.relation.isAvailableAtUniversity of Maryland (College Park, MD)
dc.relation.ispartofseriesUMD AREC Working Papers;WP 17-07
dc.subjecteconometric cost functions, stochastic decision environments, risk, uncertaintyen_US
dc.titleEstimating Ex Ante Cost Functions for Stochastic Technologiesen_US
dc.typeWorking Paperen_US

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