EXAMINATION OF ALTERNATIVE HETEROSCEDASTIC ERROR STRUCTURES USING EXPERIMENTAL DATA

James W. Mjelde, Capps, Oral, and Ronald C. Griffin

Journal of Agricultural and Applied Economics, 1995, vol. 27, issue 01

Abstract: Impacts of alternative specifications for heteroscedastic error structures are examined by estimating various production functions for corn in Central Texas. Production- and profit- maximizing levels of input and the shape of the profit equation obtained from models not corrected for heteroscedasticity differed from those obtained from models corroded for heteroscedasticaity. Using the profit-maximizing input levels for each production function gave essentially the same estimated yield and profit, regardless of the specification for heteroscedasticity employed. Differences of up to one-quarter to one-third are noted, however, in the amount of profit-maximizing levels of input used, depending on the heteroscedasticity correction.

Keywords: Corn; Heteroscedasticity; Production function; Research Methods/ Statistical Methods (search for similar items in EconPapers)
Date: 1995
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