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Examination Of Alternative Heteroscedastic Error Structures Using Experimental Data

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  • Mjelde, James W.
  • Capps, Oral, Jr.
  • Griffin, Ronald C.
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    Abstract

    Impacts of alternative specifications for heteroscedastic error structures are examined by estimating various production functions for corn in Central Texas. Production- and profit- maximizing levels of input and the shape of the profit equation obtained from models not corrected for heteroscedasticity differed from those obtained from models corroded for heteroscedasticaity. Using the profit-maximizing input levels for each production function gave essentially the same estimated yield and profit, regardless of the specification for heteroscedasticity employed. Differences of up to one-quarter to one-third are noted, however, in the amount of profit-maximizing levels of input used, depending on the heteroscedasticity correction.

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    Bibliographic Info

    Article provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.

    Volume (Year): 27 (1995)
    Issue (Month): 01 (July)
    Pages:

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    Handle: RePEc:ags:joaaec:15329

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    Web page: http://www.saea.org/jaae/jaae.htm
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    Related research

    Keywords: Corn; Heteroscedasticity; Production function; Research Methods/ Statistical Methods;

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    1. Just, Richard E. & Pope, Rulon D., 1978. "Stochastic specification of production functions and economic implications," Journal of Econometrics, Elsevier, vol. 7(1), pages 67-86, February.
    2. John Freebairn & Bill Griffiths, 2006. "Introduction," The Economic Record, The Economic Society of Australia, vol. 82(s1), pages S1-S1, 09.
    3. Breusch, T S & Pagan, A R, 1979. "A Simple Test for Heteroscedasticity and Random Coefficient Variation," Econometrica, Econometric Society, vol. 47(5), pages 1287-94, September.
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