Production Functions

Andreas Behr
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Andreas Behr: University of Duisburg-Essen, Faculty of Business Administration and Economics

Chapter 3 in Production and Efficiency Analysis with R, 2015, pp 57-82 from Springer

Abstract: Abstract Production functions postulate a functional relation between inputs and output. In the economic literature three production functions seem to play a dominant role: The Cobb–Douglas production function, the constant elasticity of substitution function, and the transcendental logarithmic production function. In this chapter, we provide a short discussion of their theoretical properties. Overlaying the deterministic output with a random error, we show how to generate artificial data according to the production functions and demonstrate how to estimate the parameters of the different production functions.

Keywords: Production Function; Marginal Product; Douglas Production Function; Substitution Function; Technical Substitution (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-319-20502-1_3

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DOI: 10.1007/978-3-319-20502-1_3

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