Examination of Alternative Heteroscedastic Error Structures Using Experimental Data

James W. Mjelde, Oral Capps and Ronald C. Griffin
Authors registered in the RePEc Author Service: ORAL CAPPS Jr. and Oral Capps, Jr.

Journal of Agricultural and Applied Economics, 1995, vol. 27, issue 1, 197-211

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 inputs and the shape of the profit equation obtained from models not corrected for heteroscedasticity differed from those obtained from models corrected for heteroscedasticity. 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 inputs used, depending on the heteroscedasticity correction.

Date: 1995
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Journal Article: EXAMINATION OF ALTERNATIVE HETEROSCEDASTIC ERROR STRUCTURES USING EXPERIMENTAL DATA (1995)
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jagaec:v:27:y:1995:i:01:p:197-211_01

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