The shape of aggregate production functions: evidence from estimates of the World Technology Frontier

Jakub Growiec, Anna Pajor, Dorota Gorniak () and Artur Predki ()
Additional contact information
Dorota Gorniak: Alior Bank SA
Artur Predki: Cracow University of Economics, Department of Econometrics and Operations Research

Bank i Kredyt, 2015, vol. 46, issue 4, 299-326

Abstract: The article estimates the aggregate production function at the World Technology Frontier on the basis of annual data on inputs and output in 19 highly developed OECD countries in 1970–2004. A comparison of results based on Data Envelopment Analysis and Bayesian Stochastic Frontier Analysis uncovers a number of significant discrepancies between nonparametric estimates of the frontier and parametric (Cobb-Douglas and translog) aggregate production functions in terms of implied technical efficiency levels, partial elasticities, returns to scale, and elasticities of substitution.

Keywords: World Technology Frontier; aggregate production function; partial elasticity; returns to scale; substitutability (search for similar items in EconPapers)
JEL-codes: E23 O11 O14 O33 O47 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (4)

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Related works:
Working Paper: The Shape of Aggregate Production Functions: Evidence from Estimates of the World Technology Frontier (2011)
Working Paper: The shape of aggregate production functions: evidence from estimates of the World Technology Frontier (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:nbp:nbpbik:v:46:y:2015:i:4:p:299-326

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