Revisiting the flexibility and regularity properties of the asymptotically ideal production model

Mark Jensen

Econometric Reviews, 1997, vol. 16, issue 2, 179-203

Abstract: In this paper we estimate the flexibility properties and regular regions for the first three orders of the seminonparametric Asymptotically Ideal Model (AIM) under four different types of constant returns to scale production technologies. The AIM model's parameters are estimatedfrom a Monte Carlo simulation where the data is generated from a three input, one output, globally regular Constant Differences of Elasticity of Substitution function. The Monte Carlo's input quantity and elasticity of substitution estimates at the unit vector are graphed along with the area of the relative price space where the AIM model is monotonically increasing andquasi-concave.

Keywords: flexible functional forms; seminonparametric models; regular regions (search for similar items in EconPapers)
Date: 1997
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DOI: 10.1080/07474939708800381

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