Production theory suggests that average profits would be greater with more variation in prices, if farmers correctly adjust use of inputs and outputs to changes in prices. We provide an empirical nonparametric analysis of farmers' profits under price changes over 12 years using an unbalanced...

The weak axiom of profit maximization (WAPM) was used to test how successful each of 70 individual New York State dairy farms was in maximizing profits using nine years of data. The netput vectors were corrected for technological change using nonparametric indices that do not require the...

The performance of commercial banks and government-owned specialized banks in Thailand is estimated after the 1997 East Asian financial crisis. Commercial banks exhibit increasing returns to scale, whereas government-owned specialized banks exhibit decreasing returns to scale, implying further...