Small-Sample Evaluation of Mean-Variance Production Function Estimators

Steven T. Buccola and Bruce McCarl

American Journal of Agricultural Economics, 1986, vol. 68, issue 3, 732-738

Abstract: Production functions have been shown useful for characterizing input effects on both the mean and variability of yield. Monte carlo experiments are used here to investigate small-sample properties of selected mean-variance production function estimators. Estimation efficiency in the mean is found to improve with iteration on the mean and variance components. Although efficiency in the variance is greatest at the first stage, bias in the variance diminishes through at least the second stage. These effects are influenced by the degree and sign of heteroscedasticity and by sample size.

Date: 1986
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