MITIGATING THE EFFECTS OF MULTICOLLINEARITY USING EXACT AND STOCHASTIC RESTRICTIONS: THE CASE OF AN AGGREGATE AGRICULTURAL PRODUCTION FUNCTION FOR THAILAND

Ron Mittelhammer (), Douglas L. Young, Damrongsak Tasanasanta and JohnT. Donnelly

No 278283, 1979 Annual Meeting, July 29-August 1, Pullman, Washington from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: Mixed estimation and OLS were each used to estimate an aggregate agricultural production function for Thailand for which data were highly multicollinear. The final mixed model obtained using minimax regret in the pretest appeared to significantly outperform OLS in terms of precision and overall reasonableness, mitigating a serious multicollinearity problem.

Keywords: International; Relations/Trade (search for similar items in EconPapers)
Pages: 14
Date: 1979-07
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea79:278283

DOI: 10.22004/ag.econ.278283

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