Least squares estimation of joint production functions by the differential evolution method of global optimization
AbstractMost of the studies relating to estimation of joint production functions have noted two difficulties: first that allocation of inputs to different outputs is not known, and the second that a method of estimation cannot have more than one dependent variable, which necessitates construction of a composite output transformation function. This study has conducted some simulation experiments on joint estimation of the CES, the Transcendental and the Nerlove-Ringstad functions. Allocation parameters of inputs across the products have been introduced. Estimation has been done jointly, but without constructing a composite macro production function or an output transformation function. We use nonlinear least squares based on the Differential Evolution method of global optimization that permits fitting multiple production functions simultaneously.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 3 (2007)
Issue (Month): 51 ()
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Other versions of this item:
- Mishra, SK, 2007. "Least squares estimation of joint production functions by the Differential Evolution method of global optimization," MPRA Paper 4813, University Library of Munich, Germany.
- C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
- C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
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"A Brief History of Production Functions,"
5254, University Library of Munich, Germany.
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