The shape of aggregate production functions: evidence from estimates of the World Technology Frontier
Jakub Growiec (),
Anna Pajor (),
Dorota Gorniak () and
Artur Predki ()
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Dorota Gorniak: Alior Bank SA
Artur Predki: Cracow University of Economics, Department of Econometrics and Operations Research
Bank i Kredyt, 2015, vol. 46, issue 4, 299-326
The article estimates the aggregate production function at the World Technology Frontier on the basis of annual data on inputs and output in 19 highly developed OECD countries in 1970–2004. A comparison of results based on Data Envelopment Analysis and Bayesian Stochastic Frontier Analysis uncovers a number of significant discrepancies between nonparametric estimates of the frontier and parametric (Cobb-Douglas and translog) aggregate production functions in terms of implied technical efficiency levels, partial elasticities, returns to scale, and elasticities of substitution.
Keywords: World Technology Frontier; aggregate production function; partial elasticity; returns to scale; substitutability (search for similar items in EconPapers)
JEL-codes: E23 O11 O14 O33 O47 (search for similar items in EconPapers)
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Working Paper: The Shape of Aggregate Production Functions: Evidence from Estimates of the World Technology Frontier (2011)
Working Paper: The shape of aggregate production functions: evidence from estimates of the World Technology Frontier (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:nbp:nbpbik:v:46:y:2015:i:4:p:299-326
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