On Exact Multicollinearity and the Estimation of the Cobb-Douglas Production Function

John P. Doll

American Journal of Agricultural Economics, 1974, vol. 56, issue 3, 556-563

Abstract: The assumptions of the economic model underlying the traditional Cobb-Douglas production function analysis imply that exact multicollinearity should exist among the inputs. Restricted estimation procedures may lead to parameter estimates with additional economic content. Conventional methods of input aggregation and model specification may result in biased or misinterpreted estimates.

Date: 1974
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