A General Evaluation on Estimates of Cobb-Douglas, CES, VES and Translog Production Functions

Mehmet Songur () and Filiz Elmas Saraç
Additional contact information
Filiz Elmas Saraç: Gazi University

Bulletin of Economic Theory and Analysis, 2017, vol. 2, issue 3, 235-278

Abstract: This article gives an overview of the literature on the empirical estimation of different production functions. In this context, the empirical literature on four different production functions (Cobb-Douglas, CES, VES and Translog) has been examined. It can be seen from the literature, OLS estimator is often used to estimate production functions. On the other hand, the Cobb-Douglas Production Function is generally preferred in the literature for estimating output elasticity. However, the Cobb-Douglas Production Function does not provide information about the substitution relationships between inputs. For this reason, production functions that allow the calculation of elasticity of substitution should be preferred.

Keywords: Production Function; Cobb-Douglas; CES; VES; Translog (search for similar items in EconPapers)
JEL-codes: D20 E23 E27 (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations:

Downloads: (external link)
http://dergipark.gov.tr/download/article-file/373862 Full text (application/pdf)
betajournals@gmail.com

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:betajl:0016

Access Statistics for this article

Bulletin of Economic Theory and Analysis is currently edited by Erginbay Ugurlu

More articles in Bulletin of Economic Theory and Analysis from BETA Journals
Bibliographic data for series maintained by Erginbay Ugurlu ().