Agricultural Production Technologies with Systematic and Stochastic Technical Change

Abstract

Abstract A production system modeling tool is developed that implements recent work on autoregressive and endogenous stochastic production technologies associated with generalized Fechner‐Thurstone (GFT) optimizing functions. A GFT‐class production system is used to evaluate the empirical support for technology specifications inherent in the neoclassical theoretic structure of an agricultural production region. Little likelihood support is found for zero serial correlation, elimination of systematic technology changers from the production system, strict neoclassical production technologies, Hicks‐neutral technical change, or zero homogenous factor demand functions.

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