THE TECHNICAL EFFICIENCY OF ILLINOIS GRAIN FARMS: AN APPLICATION OF A RAY-HOMOTHETIC PRODUCTION FUNCTION
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The purpose of this paper is to measure the extent of technical inefficiency among a sample of Illinois grain farms using the corrected ordinary least squares method. Instead of assuming a Cobb-Douglas production function, a linear form of the ray-homothetic is used. The results show a significant amount of technical inefficiency among all the farms in the sample, but with large farms being less technically inefficient than small farms.