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- W355278892 abstract "This chapter discusses an application of economic theory in specifying technology. London Transport data allow separate consideration of the production of bus and underground transport services because joint inputs are comparatively low compared with the specific inputs. The duality of one-output, many-input, technologies is identical with the duality of consumer demand. This formal identity results from replacing the one-dimensional objective of utility with the one-dimensional objective of output. The output maximization yields the factor-demand functions and the maximum obtainable output. The indirect production function represents maximum output as depending on the factor-demand functions. The system of factor demand, which is either estimated directly or derived from the estimated production or cost function, must be homogeneous of degree zero in factor prices and input budget." @default.
- W355278892 created "2016-06-24" @default.
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- W355278892 date "1989-01-01" @default.
- W355278892 modified "2023-09-25" @default.
- W355278892 title "ECONOMIC THEORY AND EMPIRICAL ANALYSIS (II): SPECIFYING TECHNOLOGY" @default.
- W355278892 doi "https://doi.org/10.1016/b978-0-444-88507-4.50029-2" @default.
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