IMPOSING CURVATURE RESTRICTIONS ON A TRANSLOG COST FUNCTION USING A MARKOV CHAIN MONTE CARLO SIMULATION APPROACH
Kranti Mulik (),
Allen Featherstone () and
No 22038, 2003 Annual meeting, July 27-30, Montreal, Canada from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)
Using Kansas Farm data from 1973 to 1998, curvature restrictions are imposed on a translog cost function. Using uninformative priors with indicator functions representing distribution and inequality constraints, a Markov Chain Monte Carlo Simulation method is used to estimate parameters and check curvature at each point. Comparison is made to the Cholesky factorization method commonly used with the normalized quadratic functional form.
Keywords: Research; Methods/; Statistical; Methods (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea03:22038
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