VIEWS: 5 PAGES: 16 CATEGORY: Markets / Industries POSTED ON: 6/12/2009
Economic theory provides little guidance for selecting a numeraire in estimating dual function profit functions. In this study, we examine the choice of numeraire price (equation) for profit function models of Iowa agriculture. The choice of numeraire is evaluated by forecasting accuracy and with a non-nested specification test.
"Numeraire Choice In Agricultural Supply Analysis"