Abstract
Cost and expenditure functions are widely used in both theoretical and applied economics. Cost functions are often used in econometric studies which describe the technology of firms or industries while their consumer theory counterparts, expenditure functions, are frequently used to describe the preferences of consumers.
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Diewert, W.E. (2018). Cost Functions. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_659
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DOI: https://doi.org/10.1057/978-1-349-95189-5_659
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