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production function and Farmers' Risk Aversion: A Certainty Equivalent-adjusted production function

JOURNAL OF AGRICULTURAL AND APPLIED ECONOMICS 2023年第2期55卷 324-340页

作者： Lien, Gudbrand Kumbhakar, Subal C. Mishra, Ashok K. Inland Norway Univ Appl Sci Campus Lillehammer Lillehammer Norway Norwegian Inst Bioecon Res NIBIO As Norway SUNY Binghamton Dept Econ Binghamton NY USA Arizona State Univ Morrison Sch Agribusiness WP Carey Sch Business Tempe AZ USA

Faced with risky yields and returns, risk-averse farmers require a premium to take risks. In this paper, we estimate individual farmers' degrees of risk aversion to adjust for the risk premium in returns and to replace the farmers' realized returns with their certainty equivalent returns in the production function. In that way, the effect of the inputs on returns will automatically be risk-adjusted, i.e., we obtain risk-adjusted marginal effects of inputs, which can be used in decision-making support of farmers' input choices in production. Using farm-level data from organic basmati rice smallholders in India, we illustrate this method using nonparametric production functions. The results show that the input elasticities and returns-to-scale estimates change when the farmers' degree of risk aversion is taken into consideration.

关键词： production function Certainty equivalent Risk aversion Basmati rice India

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Changing the understanding of crop production: Integrating ecosystem services into the production function

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ECOLOGICAL ECONOMICS 2025年 230卷

作者： Dietrich, Anne Sophie Carini, Valeria Vico, Giulia Bommarco, Riccardo Hansson, Helena Swedish Univ Agr Sci Dept Econ Box 7013Ulls vag 27 S-75007 Uppsala Sweden Swedish Univ Agr Sci Dept Ecol Box 7044Ulls vag 16 S-75007 Uppsala Sweden

Ecosystem services, such as weed and pest regulation provided by biodiversity, are vital for sustainable crop production. However, the economic contributions of biodiversity are often overlooked in commercial markets due to the absence of market prices. This complicates quantification and comparison with physical capital, leading to poor economic decisions. To improve the economic understanding of crop production, we combine economic and ecological analyses and develop a structural production economic model that accounts for ecosystem services' contributions to crop yields. Our structural crop production function integrates both anthropogenic inputs and ecosystem services, quantifying production possibilities along a spectrum from inputintensive to ecosystem service-based management practices. The model explicitly depicts resource allocation decisions across labour, physical capital, and intermediate inputs. To mitigate and reverse biodiversity stressors in intensive agriculture, alternative management practices that maintain productivity while reducing reliance on polluting inputs are essential. We review and recommend economic and ecological indicators, ranging from ideal measurements to available proxies, for model estimation, addressing the trade-offs between accuracy, feasibility, and data collection costs. Our analysis emphasises the need for comprehensive information to operationalise the understanding of productivity and substitutability between ecosystem services and biodiversity-adverse inputs such as agrochemicals and energy.

关键词： production function Bio-economic modelling Ecosystem services Valuation of ecosystem services

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New Lunar Crater production function Based on High-Resolution Images

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REMOTE SENSING 2023年第9期15卷 2421-2421页

作者： Liu, Jianan Yue, Zongyu Di, Kaichang Gou, Sheng Lin, Yangting Chinese Acad Sci Aerosp Informat Res Inst State Key Lab Remote Sensing Sci Beijing 100101 Peoples R China Univ Chinese Acad Sci Beijing 100049 Peoples R China Chinese Acad Sci Inst Geol & Geophys Key Lab Earth & Planetary Phys Beijing 100029 Peoples R China CAS Ctr Excellence Comparat Planetol Hefei 230026 Peoples R China

The lunar crater production function describes the general pattern of the size-frequency distribution of craters on the lunar surface, and it is the foundation of the surface dating method via crater counting. In addition, the lunar crater production function has been extended to other celestial bodies and used to analyze the meteorite flux of the inner solar system. The basic process of establishing the lunar crater production function is to map in an ideal way the primary craters in different geological units, and then to normalize all of the corresponding size-frequency distributions using a mathematical model. Currently, the most widely used lunar crater production functions have been established based on the images acquired in the last century. However, now they can be refined with newly obtained high-resolution images. In this research, we mapped all of the primary craters in 13 regions on the lunar surface with the images acquired using the narrow angle camera and wide angle camera onboard the Lunar Reconnaissance Orbiter, and then we fitted the lunar crater production function with a polynomial. The resultant new lunar crater production function is largely comparable with the previous results, and the difference is mainly at the large diameter end. We analyzed the uncertainty of model fitting as well as the difference in the crater measurements and demonstrated the reliability of the new production function. It is expected to refine the lunar surface dating models, which can provide more accurate information on the impact rate in related studies.

关键词： Moon craters production function

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The Ethical Dilemma in Hybrid Organizations: A production function Approach to Credit Expansion in Microfinance

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JOURNAL OF BUSINESS ETHICS 2024年 1-14页

作者： Andersson, Kjetil D'Espallier, Bert Mersland, Roy Univ Agder Sch Business & Law Kristiansand Norway Katholieke Univ Leuven Fac Econ & Business Leuven Belgium

We derive and estimate a production function for microfinance institutions to provide empirical evidence of the ethical dilemma of balancing social and financial logics in hybrid organizations. A worldwide panel dataset of microfinance institutions is utilized and a production function augmented by average loan size is estimated using the control function approach. We show how this framework can be used to quantify the tradeoff between social outreach and financial sustainability in relation to the expansion of microfinance institutions' credit operations. The study reveals that expanding the extensive margin (increasing the number of loan clients) requires on average more than twice as many inputs as expanding the intensive margin (increasing the average loan size) to achieve the same growth in assets. Beyond the case of microfinance our production function illustrates that as hybrid organizations expand, they will inevitably face an ethical dilemma as the laws of economic efficiency exert pressure on their social missions.

关键词： Ethical dilemma Hybrid organizations Credit expansion Microfinance production function Efficiency analysis D24 D22 L31

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Generalizing the General: generalizing the CES production function to allow for the viability of input thresholds

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APPLIED ECONOMICS 2023年第37期55卷 4331-4347页

作者： Zeytoon-Nejad, Ali Goodwin, Barry K. Ghosh, Sujit Wake Forest Univ Winston Salem NC 27109 USA North Carolina State Univ Raleigh NC USA

The original specification of the Constant-Elasticity-of-Substitution (CES) production function introduced by Arrow, Chenery, Minhas, and Solow is considered to be a general production specification that nests multiple types of production functions, i.e. Leontief, Cobb-Douglas, and linear. However, even this general specification of production functions is restrictive in several ways. This paper proposes a generalized variant of the CES production function that allows for the inclusion of the minimum required levels of inputs. Not allowing for this potential attribute is, in fact, one shortcoming of the original CES production-function specification, which in turn could result in misleading conclusions about essential levels of inputs. Accordingly, a solution is proposed to overcome the mentioned shortcoming. Input thresholds are incorporated in the CES production specification, and empirical applications are provided for irrigation and nitrogen. To illustrate the proposed approach in this paper, two empirical applications in irrigation and fertilizer response using the famous Hexem-Heady experimental dataset as well as several datasets produced using Monte-Carlo experiments with different data-generating processes are provided. Finally, implications for modelling input thresholds are considered and discussed.

关键词： Constant easticity of substitution production function input threshold requirements agricultural production

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Exploring Time Series Techniques in production function Modeling: ARIMA and VECM Applications

Exploring Time Series Techniques in Production Function Mode...

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2025 International Conference on Intelligent Computing and Control Systems, ICICCS 2025

作者： Shaik, Mohammed Ali Rahim, Abdul Subhalakshmi, V. Ravi Kumar, R. Pasunuri, Raghunadh Verma, Dhanraj SR University School of Computer Science & Artificial Intelligence Telangana Warangal 506371 India Malla Reddy Engineering College for Women Department of ECE Secunderabad India Vidya Jyothi Institute of Technology Department of CSE(AI&ML) India CMR College of Engineering & Technology Department of CSE Hyderabad 501401 India AIML Malla Reddy Engg. College Dept Of CSE India PIET- AIML Parul University Gujarat Vadodara India

ISBN: (纸本)9798331512088

This paper uses both used ARIMA and VECM models to analyze the production function to determine the interactions between GDP, capital and labor inputs in this analysis. The paper explores short-term dynamics as well as equilibrium behavior of these variables using annual data for the period 1984-2023. The coefficients estimated by the ARIMA (2,0,0) model indicate that current GDP depends on its past levels, and both capital and labor, although they have positive signs, are statistically insignificant. Moreover, Johsen cointegration estimates unfold one co-integrating vector;VECM result also confirms the positive association between capital and GDP but an unexpected negative relation with labor. The above study's findings reaffirm the status of capital accumulation as a foundation for developing states' growth policy priorities;the results of labor analysis are inconclusive and may indicate issues such as difficulty in measuring labor or the possibility of structural changes. The policy implications are for the continuous long term orientations, reform of the labor market, improving human capital, and expanding economic diversification. The paper recognizes certain limitations in the type of data and model used and recommends that future research consider non linearities, technological progress to transfer technological improvement to the production function as well as examining sectoral differences for a better understanding of growth paths in fast growing economies. © 2025 IEEE.

关键词： ARIMA Models production function Time Series Analysis Vector Error Correction Models

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Valuing water purification services of forests: a production function approach using panel data from China's Sichuan province

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ENVIRONMENT AND DEVELOPMENT ECONOMICS 2022年第6期27卷 491-510页

作者： Liu, Zhaoyang Huang, Heqing Univ Cambridge Dept Land Econ Cambridge England Peking Univ Natl Sch Dev Beijing Peoples R China

The water purification functions of forests represent one of the most frequently invoked examples of nonmarket ecosystem services that are economically valuable. This study quantifies the monetary value of forests' water purification services in the form of the ensuing cost savings of municipal drinking water treatment, using a rich panel dataset from China's Sichuan province. Moreover, this study has undertaken a novel spatial piecewise approach to investigate the spatial patterns of such cost savings delivered by forests at different distances from the water intake point. The estimation results find that forests within a 2 km radius upstream from the water intake point have the most sizeable and statistically significant cost saving effect. For forests within a 3 km radius, this effect becomes somewhat smaller but remains statistically significant. Beyond a 4 km radius, this effect becomes notably smaller and statistically equal to zero. Our analysis facilitates the optimal spatial targeting of forest conservation.

关键词： fixed effects panel data model forest production function spatial piecewise approach valuation of ecosystem services water purification

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An analysis of economic losses from cyberattacks: based on input–output model and production function

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Journal of Economic Structures 2022年第1期11卷 34页

作者： Kokaji, Akiyoshi Goto, Atsuhiro Institute of Information Security 2-14-1 Tsuruya-Cho Kanagawa-Ku Kanagawa Yokohama 221-0835 Japan

There has recently been a global increase in economic losses due to cyberattacks. However, research on the economic damage caused by cyberattacks has mainly focused on attacked companies, and spillover damage to other sectors has not been sufficiently investigated. This study analyzed the economic losses from cyberattacks in Japan using the production function and input–output model to improve the accuracy of damage prediction and various national measures. First, we provide an estimation method for the annual direct damage by industry using a production function. The mainstream input dataset is lost working hours owing to cyber incidents. Second, we devised a model to estimate the amount of spillover damage to the entire country using the input–output model. Third, although the cyber damage data were limited to only interview data by the JNSA and IPA, we showed the process of estimating direct and spillover damage in all sectors in Japan. As a result, we consider that our estimation method is feasible and effective at the national level. This study contributes to future research on cyber resilience by analyzing the damage caused by cyberattacks from a macroeconomic perspective using a production function and input–output model. © 2022, The Author(s).

关键词： Cyber security Input–output model production function Spillover damage of cyberattacks

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Bargaining over a jointly produced pie: The effect of the production function on bargaining outcomes

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GAMES AND ECONOMIC BEHAVIOR 2022年 134卷 169-198页

作者： Takeuchi, Ai Veszteg, Robert F. Kamijo, Yoshio Funaki, Yukihiko Ritsumeikan Univ Coll Econ 1-1-1 Noji Higashi Kusatsu Shiga 5258577 Japan Waseda Univ Sch Polit Sci & Econ 1-6-1 Nishiwaseda Tokyo Tokyo 1698050 Japan

Using experimental data, we show that the characteristics of the joint production process have a notable impact on the distribution of bargaining agreements. The setting in which the jointly produced surplus is expressed to be proportional to individual inputs leads to significantly more proportional bargaining agreements. This is in contrast to the setting in which the surplus is expressed as an additive constant, where bargaining agreements are more in line with the Nash bargaining solution. (c) 2022 Elsevier Inc. All rights reserved.

关键词： Unstructured bargaining Earned wealth production function Proportional solution Nash bargaining solution Laboratory experiment

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Estimating the production function for the Brazilian industrial sector: A Bayesian panel VAR approach

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COGENT BUSINESS & MANAGEMENT 2022年第1期9卷 Article: 2025752页

作者： Da Rocha Lima Filho, Roberto Ivo Univ Fed Rio de Janeiro Dept Ind Engn Rio De Janeiro Brazil

The scope of this paper is to estimate the production function for the Brazilian industrial sector from a longitudinal panel of the industrial sector (Annual Industrial Survey produced by the Institute of Geography and Statistics-PIA/IBGE-and the Ministry of Labour and Employment's Annual Relation of Social Information-RAIS/MTE-ranging from 1996 until 2005) through a Bayesian Vector Autoregressive (BVAR) approach. This new method adds to the empirical industrial organization another way to estimate the demand, avoiding cumbersome calculations. It gives the possibility of analysing not only the dynamic relationships among the variables but also the shocks through the impulse response function (IRF). Additionally, it gives the opportunity to analyse the industry sector's productivity by minimizing the problem of endogeneity and therefore it also sheds some light on the trend of this variable throughout the period abovementioned.

关键词： Bayesian panel vector autoregressive production function productivity

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