A PROGRAMMING APPROACH TO ESTIMATE PRODUCTION FUNCTIONS USING BOUNDS ON THE TRUE PRODUCTION SET

David K. Lambert

No 12956, Discussion Papers from University of Nevada at Reno, Department of Resource Economics

Abstract: Varian (1984) developed procedures to establish bounds on a true convex negative monotonic production set that p-rationalizes a set of data consistent with the weak axiom of profit maximization. These bounds can provide additional information for estimating parametric production functions. A mathematical programming procedure is developed to maximize various measures of goodness of fit of alternative parametric specifications relative to the true production set.

Keywords: Production Economics; Research Methods/Statistical Methods (search for similar items in EconPapers)
Pages: 30
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:ags:unredp:12956

DOI: 10.22004/ag.econ.12956

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