Specification and estimation of nonstandard profit functions

Subal C. Khumbhakar

doi:10.1007/s00181-005-0043-4

On the existence of Cournot equilibrium without concave profit functions: Acknowledgment

Journal of Economic Theory ◽

10.1016/0022-0531(77)90028-x ◽

1977 ◽

Vol 16 (2) ◽

pp. 521

Author(s):

John Roberts ◽

Hugo Sonnenschein

Keyword(s):

Cournot Equilibrium ◽

Profit Functions

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Properties of cost and profit functions

Economists’ Mathematical Manual ◽

10.1007/978-3-662-03995-3_25 ◽

1999 ◽

pp. 153-158

Author(s):

Knut Sydsæter ◽

Arne Strøm ◽

Peter Berck

Keyword(s):

Profit Functions

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The Effectiveness of Rate-of-Return Regulation: An Empirical Test Using Profit Functions* *This paper was written during the author's tenure as a Brookings Economic Policy Fellow at the Federal Energy Administration. He would like to especially thank David Nissen of the FEA for his generous encouragement and support. He would also like to acknowledge helpful comments from M. Fuss, D. McFadden, D. Nissen, V. Kerry Smith and members of the Applied Microeconomic Theory Workshop at SUNY-Binghamton. The views and conclusions expressed in this study are those of the author, as is the responsibility for remaining errors, and should not be attributed to any of the agencies or institutions mentioned above.

Applications of the Theory of Production - Contributions to Economic Analysis ◽

10.1016/b978-0-444-85013-3.50015-2 ◽

1978 ◽

pp. 215-246

Author(s):

THOMAS G. COWING

Keyword(s):

Economic Policy ◽

Empirical Test ◽

Rate Of Return ◽

Microeconomic Theory ◽

Profit Functions ◽

Applied Microeconomic Theory ◽

Return Regulation

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Managing New Technology Using Malleable Profit Functions

IEEE Transactions on Engineering Management ◽

10.1109/tem.2017.2663844 ◽

2017 ◽

Vol 64 (2) ◽

pp. 120-133

Author(s):

Richard Arend ◽

Moren Levesque ◽

Maria Minniti

Keyword(s):

New Technology ◽

Profit Functions

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Timber Production Cost and Profit Functions for Community Forests in Mexico

Tropical Forestry Handbook ◽

10.1007/978-3-642-41554-8_222-2 ◽

2015 ◽

pp. 1-19

Author(s):

Frederick Cubbage ◽

Robert Davis ◽

Diana Rodríguez Paredes ◽

Yoanna Kraus Elsin ◽

Ramon Mollenhauer ◽

...

Keyword(s):

Production Cost ◽

Timber Production ◽

Community Forests ◽

Profit Functions

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Optimum linear indices for non-linear profit functions

Animal Science ◽

10.1017/s0003356100006140 ◽

1993 ◽

Vol 56 (1) ◽

pp. 43-50 ◽

Cited By ~ 7

Author(s):

H. Pasternak ◽

J. I. Weller

Keyword(s):

Selection Index ◽

Selection Intensity ◽

Production Traits ◽

Milk Production Traits ◽

Optimum Selection ◽

Non Linear ◽

Linear Index ◽

Standard Linear ◽

Profit Functions ◽

Selection Intensities

AbstractAn iterative method is presented, based on the method of Moav and Hill (1966) to derive the optimum linear selection index for any number of traits with linear or non-linear profit functions. For non-linear profit functions the index weights will be functions of the trait means prior to selection and the selection intensity. Using the equations developed, the optimum selection index for three dairy cattle milk production traits was computed. Convergence was obtained after three to four iterations, and was robust to the starting values used for iteration. The ratio of expected genetic gains were only marginally different for selection intensities of 1 and 4 standard deviation units. Differences were greater for the index coefficients. All alternative indices tested gave lower gains in profit than the optimum index. For linear profit functions this index reduces to the standard linear index, and for two uncorrelated traits this index reduces to the index of Moav and Hill (1966).

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Optimum linear selection indexes for multiple generation objectives with non-linear profit functions

Animal Science ◽

10.1017/s1357729800013667 ◽

1995 ◽

Vol 61 (1) ◽

pp. 165-175 ◽

Cited By ~ 19

Author(s):

J. C. M. Dekkers ◽

P. V. Birke ◽

J. P. Gibson

Keyword(s):

Optimal Control ◽

Net Present Value ◽

Selection Index ◽

Index Theory ◽

Planning Horizon ◽

Simultaneous Optimization ◽

Linear Selection ◽

Non Linear ◽

Profit Functions ◽

Selection Indexes

AbstractA method to obtain linear selection indexes that maximize objectives that involve average profit in one or more generations within a planning horizon based on non-linear profit functions, was derived through application of optimal control theory. The method involves simultaneous optimization of indexes for each generation in the planning horizon. Optimum linear indexes were found to be conform indexes derived from selection index theory, with economic values equal to a weighted sum of partial derivatives of the profit function at the trait means which result in each generation of the planning horizon. Numerical procedures to derive optimum indexes are presented. Methods and properties of alternative strategies for selection witli non-linear profit functions are illustrated for selection on egg weight and rate of lay in poultry. In the example, the additional benefit of selection indexes that maximize cumulative net present value of profit over a planning horizon of10 years was small relative to use of traditional selection procedures. Optimal indexes were also derived with a derivative-free non-linear programming optimizer, with identical results. The latter method also allows incorporation of additional constraints.Possible extensions of the optimal control methodology to address other problems related to optimization of selection over multiple generations are discussed.

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