Estimation of Australian Wool and Lamb Production Technologies under Uncertainty: An Error‐Components Approach
构建并估计了一个同时考虑产出价格和生产不确定性的生产者行为模型，利用澳大利亚三个羔羊和羊毛生产部门的数据，估计了投入成本份额和成本方程系统，并评估了投入需求弹性及生产随机成分。
Abstract A model of producer behavior, which explicitly accounts for both output price and production uncertainty, is formulated and estimated. If the production technology is multiplicatively separable in its deterministic and stochastic components, then the expected utility maximization problem implies cost minimization for planned or expected output. Consequently, our empirical model of three lamb‐ and wool‐producing sectors in Australia involves the estimation of a system of input cost share and cost equations whose disturbances have an error‐components structure. The empirical results are evaluated in terms of input demand elasticities, and estimates of the stochastic components of production are presented.