The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Sep, 1970, Volume 38, Issue 5
https://doi.org/0012-9682(197009)38:5<754:PC>2.0.CO;2-E
p. 754-771
S. E. Jacobsen
Production correspondences are defined and their properties explored. Properties of the distance function of a production structure are studied and are related to properties of the correspondence. Homotheticity is generalized to allow discontinuities in returns to scale and to take cognizance of several outputs. The factorization of the distance function into the product of two functions, one depending only on output and the other only on input, is demonstrated. The cost function is then shown to give rise to a production structure. A Shephard-type duality theorem is proven which implies, among other things, that the cost function and the distance function are dually related; that is, given one, a minimization proglem yields the other. The duality theorem is then used to deduce necessary and sufficient conditions, in terms of the cost function, for a production correspondence to be homothetic. A few simple applications of the duality theorem are given which relate properties of the cost function to geometric properties of the correspondence.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
