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Book Estimation and Identification of Cobb Douglas Production Functions

Download or read book Estimation and Identification of Cobb Douglas Production Functions written by Marc Nerlove and published by . This book was released on 1965 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: An illustrative material in a mathematical variant of intermediate price theory. Discusses the possibilities of identification and estimation of production function parameter under dynamic optimization models.

Book Death to the Cobb Douglas Production Function

Download or read book Death to the Cobb Douglas Production Function written by Sebastian Gechert and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that the large elasticity of substitution between capital and labor estimated in the literature on average, 0.9, can be explained by three factors: publication bias, use of aggregated data, and omission of the first-order condition for capital. The mean elasticity conditional on the absence of publication bias, disaggregated data, and inclusion of informa- tion from the first-order condition for capital is 0.3. To obtain this result, we collect 3,186 estimates of the elasticity reported in 121 studies, codify 71 variables that reflect the context in which researchers produce their estimates, and address model uncertainty by Bayesian and frequentist model averaging. We employ nonlinear techniques to correct for publication bias, which is responsible for at least half of the overall reduction in the mean elasticity from 0.9 to 0.3. Our findings also suggest that a failure to normalize the production function leads to a substantial upward bias in the estimated elasticity. The weight of evidence accumulated in the empirical literature emphatically rejects the Cobb-Douglas specification.

Book Uncertainty and Capacity Constraints

Download or read book Uncertainty and Capacity Constraints written by Eduard Gracia and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The CobbDouglas function is today one of the most widely adopted assumptions in economic modeling, yet both its theoretical and empirical bases have long been under question. This paper builds an alternative function on very different (albeit also neoclassical) microfoundations aimed at both addressing those theoretical drawbacks and providing a better empirical fit than the CobbDouglas formula. The new model, unlike the CobbDouglas function, does not portray installed capacity as aggregate capital but as a sunk cost generating economic rents. An analysis of 1949-2008 annual U.S. growth data suggest this alternative model explains nearly 85 percent of GDP fluctuations and is empirically more robust than the CobbDouglas, whilst both contemporary and lagged aggregate capital are statistically rejected as explanatory variables. This lends support to the old Cambridge Critiqueʺ, according to which using value-weighted capital aggregates to explain production simply makes no sense. At face value, these results not only pose a question on any macroeconomic model assuming a CobbDouglas function but also point towards an alternative interpretation of phenomena such as the way monetary policy impacts productivity. -- production function ; CobbDouglas ; capital controversy

Book Estimation and Identification of Cobb Douglas Production Function

Download or read book Estimation and Identification of Cobb Douglas Production Function written by Marc Nerlove and published by . This book was released on 1965 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Efficiency Estimation from Cobb Douglas Production Functions with Composed Error

Download or read book Efficiency Estimation from Cobb Douglas Production Functions with Composed Error written by Wim Meeusen and published by . This book was released on 1975 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Modeling Uncertainty

Download or read book Modeling Uncertainty written by Moshe Dror and published by Springer. This book was released on 2019-11-05 with total page 770 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modeling Uncertainty: An Examination of Stochastic Theory, Methods, and Applications, is a volume undertaken by the friends and colleagues of Sid Yakowitz in his honor. Fifty internationally known scholars have collectively contributed 30 papers on modeling uncertainty to this volume. Each of these papers was carefully reviewed and in the majority of cases the original submission was revised before being accepted for publication in the book. The papers cover a great variety of topics in probability, statistics, economics, stochastic optimization, control theory, regression analysis, simulation, stochastic programming, Markov decision process, application in the HIV context, and others. There are papers with a theoretical emphasis and others that focus on applications. A number of papers survey the work in a particular area and in a few papers the authors present their personal view of a topic. It is a book with a considerable number of expository articles, which are accessible to a nonexpert - a graduate student in mathematics, statistics, engineering, and economics departments, or just anyone with some mathematical background who is interested in a preliminary exposition of a particular topic. Many of the papers present the state of the art of a specific area or represent original contributions which advance the present state of knowledge. In sum, it is a book of considerable interest to a broad range of academic researchers and students of stochastic systems.

Book An Estimation of the Cobb Douglas Production Function CDPF for the Irish Stock Market

Download or read book An Estimation of the Cobb Douglas Production Function CDPF for the Irish Stock Market written by Brendan Hennessy and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Trade Policy Trade Volumes and Plant level Productivity in Colombian Manufacturing Industries

Download or read book Trade Policy Trade Volumes and Plant level Productivity in Colombian Manufacturing Industries written by Ana Margarida Fernandes and published by World Bank Publications. This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fernandes explores Colombian trade policy from 1977-91, a period of substantial variation in protection across industries, to examine whether increased exposure to foreign competition generates plant-level productivity gains. Using a large panel of manufacturing plants, she finds a strong positive impact of tariff liberalization on consistent productivity estimates, controlling for plant and industry heterogeneity. This result is not driven by the endogeneity of protection nor by plant exit. The impact of tariff liberalization on productivity is stronger for large plants and for plants in less competitive industries. Qualitatively similar results are obtained when using effective rates of protection and import penetration ratios as measures of protection. This paper--a product of Investment Climate, Development Research Group--is part of a larger effort in the group to understand the links between trade and productivity.

Book Determinants of inverstment behaviour

Download or read book Determinants of inverstment behaviour written by Mark Jan-Jochem Koetse and published by Rozenberg Publishers. This book was released on 2003 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book A Survey of Agricultural Economics Literature

Download or read book A Survey of Agricultural Economics Literature written by Lee R. Martin and published by U of Minnesota Press. This book was released on 1977 with total page 499 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Structural Macroeconometrics

Download or read book Structural Macroeconometrics written by David N. DeJong and published by Princeton University Press. This book was released on 2011-10-03 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: The revised edition of the essential resource on macroeconometrics Structural Macroeconometrics provides a thorough overview and in-depth exploration of methodologies, models, and techniques used to analyze forces shaping national economies. In this thoroughly revised second edition, David DeJong and Chetan Dave emphasize time series econometrics and unite theoretical and empirical research, while taking into account important new advances in the field. The authors detail strategies for solving dynamic structural models and present the full range of methods for characterizing and evaluating empirical implications, including calibration exercises, method-of-moment procedures, and likelihood-based procedures, both classical and Bayesian. The authors look at recent strides that have been made to enhance numerical efficiency, consider the expanded applicability of dynamic factor models, and examine the use of alternative assumptions involving learning and rational inattention on the part of decision makers. The treatment of methodologies for obtaining nonlinear model representations has been expanded, and linear and nonlinear model representations are integrated throughout the text. The book offers a rich array of implementation algorithms, sample empirical applications, and supporting computer code. Structural Macroeconometrics is the ideal textbook for graduate students seeking an introduction to macroeconomics and econometrics, and for advanced students pursuing applied research in macroeconomics. The book's historical perspective, along with its broad presentation of alternative methodologies, makes it an indispensable resource for academics and professionals.

Book Applied Nonlinear Control

Download or read book Applied Nonlinear Control written by Jean-Jacques E. Slotine and published by . This book was released on 1991 with total page 461 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this work, the authors present a global perspective on the methods available for analysis and design of non-linear control systems and detail specific applications. They provide a tutorial exposition of the major non-linear systems analysis techniques followed by a discussion of available non-linear design methods.