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A Virtually Ideal Production System: Specifying and Estimating the VIPS Model

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  • Robert G. Chambers
  • Rulon D. Pope

Abstract

We characterize the class of profit functions termed VIPS for "virtually ideal production system." VIPS is consistent with all derived demands being linear in numeric functions of output prices. A flexible but parsimonious version of the VIPS profit function is specified and the implied supply-response system is estimated using aggregate U.S. agricultural data.

Suggested Citation

  • Robert G. Chambers & Rulon D. Pope, 1994. "A Virtually Ideal Production System: Specifying and Estimating the VIPS Model," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 76(1), pages 105-113.
    • Handle: RePEc:oup:ajagec:v:76:y:1994:i:1:p:105-113.
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    File URL: http://hdl.handle.net/10.2307/1243925
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    Cited by:

    1. Panos Fousekis & Aspasia Papakonstantinou, 1997. "Economic Capacity Utilisation And Productivity Growth In Greek Agriculture," Journal of Agricultural Economics, Wiley Blackwell, vol. 48(1‐3), pages 38-51, January.
    2. Chambers, Robert G., 1995. "The incidence of agricultural policies," Journal of Public Economics, Elsevier, vol. 57(2), pages 317-335, June.
    3. Mamatzakis, E. C., 2003. "Public infrastructure and productivity growth in Greek agriculture," Agricultural Economics, Blackwell, vol. 29(2), pages 169-180, October.
    4. LaFrance, Jeffrey T & Pope, Rulon D., 2007. "Homogeneity and Supply," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt9kw967kf, Department of Agricultural & Resource Economics, UC Berkeley.
    5. Jeffrey T. LaFrance & Rulon D. Pope, 2008. "Homogeneity and Supply," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 90(3), pages 606-612.
    6. Panos Fousekis & Christos Pantzios, 1999. "A Family of Differential Input Demand Systems with Application to Greek Agriculture," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(3), pages 549-563, September.
    7. Ian J. Bateman & Christine Ennew & Andrew A. Lovett & Anthony J. Rayner, 1999. "Modelling and Mapping Agricultural Output Values Using Farm Specific Details and Environmental Databases," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(3), pages 488-511, September.

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