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Pseudo Data: A Tool for Teaching Production Economics

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  • Hertel, Thomas
  • McKinzie, Lance

Abstract

It is argued that a "laboratory" data set would greatly facilitate the teaching of graduate-level production economics. Development of a process model and an optimal experimental design for generating pseudo data are outlined. A translog, multiproduct profit function is estimated and the resulting net and gross elasticities are discussed.

Suggested Citation

  • Hertel, Thomas & McKinzie, Lance, 1984. "Pseudo Data: A Tool for Teaching Production Economics," 1984 Annual Meeting, August 5-8, Ithaca, New York 278926, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea84:278926
    DOI: 10.22004/ag.econ.278926
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    References listed on IDEAS

    as
    1. Appelbaum, Elie, 1978. "Testing neoclassical production theory," Journal of Econometrics, Elsevier, vol. 7(1), pages 87-102, February.
    2. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
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