Multi-Output Production and Duality

Our original reason for writing this book was the desire to write down in one place a complete summary of the major results in du­ ality theory pioneered by Ronald W. This text presents a complete summary of the major results in duality theory pioneered by Ronald W. Shephard. Building on this base, the authors present new findings including the duality relationship between the profit function and the eight equivalent representations of technology that were elucidated by Shephard. Finally, it provides a number of applications of duality theory to economic problems. These include efficiency measurement, index number theory, shadow pricing, cost-benefit analysis and econometric estimation.