Expenditure Constraints and Profit Maximization in U.S. Agriculture
研究支出约束对生产者利润最大化的影响，构建理论模型并用美国农业数据检验，发现农民面临可变生产成本融资约束，无约束利润最大化假设被拒绝。
Abstract This paper considers the effect of expenditure constraints on producer profit maximization. A theory of expenditure‐constrained profit maximization that provides restrictions for testing the competing null hypotheses of unconstrained and expenditure‐constrained profit maximization is developed. The resulting model is fitted to aggregate U.S. agricultural data. The hypothesis of unconstrained profit maximization is rejected, while expenditure‐constrained profit maximization cannot be rejected for U.S. agriculture. U.S. farmers apparently experience binding constraints in financing their variable production costs.