PMP Based Production Models-Development and Integration

Abstract

PMP Ten Years LaterIt is now ten years since the first conceptual article on PMP was published (Howitt 1995), and the basic idea of using dual calibration values to impute the implicit costs of agricultural production seems to be quite robust.While there have been many improvements on the original idea, there are few published criticisms of the basic approach.One criticism termed the Heckelei-Wolff critique is discussed later.The development of PMP approaches has been covered by the paper by Henry de Frahan, but can be characterized as a gradual evolution of methods that are able to match the improvement in the estimation methods and data resources available to modelers.The use of maximum entropy methods has enabled optimization modelers to establish a continuum, between traditional optimization models and econometric models.The advances have taken the form of a wider range of functional forms, improved input shadow value estimation, and more formal and explicit use of prior information.

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