Summary:It is well‐known that the general nonlinear program does not allow the formulation of a dual extremand that solely contains the dual variables. It is shown that a primal program that is homogeneous (of any degree) in both extremand and side conditions has, like a linear program, alineardual extrcmand that contains only the dual variables. The economic import of this result, namely the ecpialization of primal optimand and factor rewards, is pointed out for both allocation under constant returns and allocation under risk. We illustrate the duality theorem with a small‐scale program for cashcrop farming under r