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Agricultural Production Technologies with Systematic and Stochastic Technical Change
Author(s) -
Fawson Chris,
Shumway C. Richard,
Basmann Robert L.
Publication year - 1990
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1243158
Subject(s) - production (economics) , economics , thurstone scale , econometrics , technological change , autoregressive model , agricultural productivity , work (physics) , emerging technologies , computer science , technical change , agriculture , mathematical economics , microeconomics , mathematics , statistics , productivity , macroeconomics , engineering , mechanical engineering , ecology , artificial intelligence , biology
Abstract A production system modeling tool is developed that implements recent work on autoregressive and endogenous stochastic production technologies associated with generalized Fechner‐Thurstone (GFT) optimizing functions. A GFT‐class production system is used to evaluate the empirical support for technology specifications inherent in the neoclassical theoretic structure of an agricultural production region. Little likelihood support is found for zero serial correlation, elimination of systematic technology changers from the production system, strict neoclassical production technologies, Hicks‐neutral technical change, or zero homogenous factor demand functions.