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The opportunity cost of duality (1996)

Färe, Rolf ; Primont, Daniel

Springer

Journal of productivity analysis 7 (1996), S. 213-224

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ISSN: 1573-0441

Keywords: Duality ; opportunity cost ; stochastic frontier

Source: Springer Online Journal Archives 1860-2000

Topics: Economics

Notes: Abstract A dual representation of a technology, e.g., a cost function, may not contain all of the technological information, but it will contain all of the information about input vectors that would be chosen by a cost-minimizing firm. At least this much is clear for deterministic technologies. The main question addressed in this paper is whether the same can be said about stochastic technologies and their dual representations. Despite some pessimism expressed in the stochastic frontier literature on this question, we argue that there is no extra cost imposed in the stochastic case. Thus, the conclusion of this paper is: Just dual it!

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1007/BF00157042

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