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The Frontier Production Function: A Tool for Improved Decision Making

Published online by Cambridge University Press:  10 May 2017

Richard A. King
Richard A. King*
Affiliation:
Department of Economics and Business, North Carolina State University, and President, American Agricultural Economics Association
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Extract

A frontier production function may be thought of as a “best practice” production function (Førsund and Jansen) or a function that expresses the maximum product obtainable from various combinations of factors given the existing state of technical knowledge. It is the theoretical counterpart to farm enterprise budgets or processing plant budgets derived by economic engineering methods to describe the best possible production processes.

Type
Invited Papers
Information
Journal of the Northeastern Agricultural Economics Council , Volume 9 , Issue 2 , October 1980 , pp. 1 - 10
Copyright
Copyright © Northeastern Agricultural and Resource Economics Association 

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