Bayesian Efficiency Analysis with a Flexible Form: The AIM Cost Function

Gary Koop, Jacek Osiewalski and Mark Steel

Journal of Business & Economic Statistics, 1994, vol. 12, issue 3, 339-46

Abstract: In this article, the authors describe the use of Gibbs sampling methods for drawing posterior inferences in a cost frontier model with an asymptotically ideal price aggregator, nonconstant returns to scale, and composed error. An empirical example illustrates the sensitivity of efficiency measures to assumptions made about the functional form of the frontier. The authors also examine the consequences of imposing regularity through parametric restrictions alone.

Date: 1994
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Working Paper: Bayesian efficiency analysis with a flexible form: The aim cost function (1994)
Working Paper: Bayesian efficiency analysis with a flexible form: The aim cost function (1994)
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