This book contains a modern treatment of production economics from a dual perspective, with a special emphasis on recent developments in the field. The book prepares the reader to apply the tools and concepts of the dual approach production economics to real world problems and data sets. Among other topics covered are flexible function forms, aggregation across inputs and outputs using the theory of separable structures, aggregation over economic optimizing firms, the representation of multioutput technologies, and the analysis and measurement of technical change from both a primal and dual...

This book demonstrates that the state-contingent approach provides the best way to think about all problems in the economics of uncertainty, including problems of consumer choice, the theory of the firm, and principal agent relationships. The authors demonstrate that dual methods apply under uncertainty and that the dual representations can be developed for stochastic technologies. Moreover, proper exploitation of the properties of alternative primal and dual representations of preferences allows analysts to generalize and extend the results of the existing literature on preferences under...

This book demonstrates that the state-contingent approach provides the best way to think about all problems in the economics of uncertainty, including problems of consumer choice, the theory of the firm, and principal agent relationships. The authors demonstrate that dual methods apply under uncertainty and that the dual representations can be developed for stochastic technologies. Moreover, proper exploitation of the properties of alternative primal and dual representations of preferences allows analysts to generalize and extend the results of the existing literature on preferences under...