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Least squares estimation of joint production functions by the differential evolution method of global optimization

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  • Sudhanshu Mishra

    ()
    (North-Eastern Hill University)

Abstract

Most 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 Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 3 (2007)
Issue (Month): 51 ()
Pages: 1-13

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Handle: RePEc:ebl:ecbull:eb-07c10007

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  1. Diewert, W E, 1971. "An Application of the Shephard Duality Theorem: A Generalized Leontief Production Function," Journal of Political Economy, University of Chicago Press, vol. 79(3), pages 481-507, May-June.
  2. Vinod, H. D., 1976. "Canonical ridge and econometrics of joint production," Journal of Econometrics, Elsevier, vol. 4(2), pages 147-166, May.
  3. Mishra, SK, 2007. "Performance of Differential Evolution Method in Least Squares Fitting of Some Typical Nonlinear Curves," MPRA Paper 4634, University Library of Munich, Germany.
  4. Dhrymes, Phoebus J & Mitchell, B M, 1969. "Estimation of Joint Production Functions," Econometrica, Econometric Society, vol. 37(4), pages 732-36, October.
  5. Rao, Potluri, 1969. "A Note on Econometrics of Joint Production," Econometrica, Econometric Society, vol. 37(4), pages 737-38, October.
  6. Vinod, Hrishikesh D, 1969. "Econometrics of Joint Production-A Reply," Econometrica, Econometric Society, vol. 37(4), pages 739-40, October.
  7. Chizmar, John F & Zak, Thomas A, 1983. "Modeling Multiple Outputs in Educational Production Functions," American Economic Review, American Economic Association, vol. 73(2), pages 17-22, May.
  8. Chetty, V Karuppan, 1969. "Econometrics of Joint Production: A Comment," Econometrica, Econometric Society, vol. 37(4), pages 731, October.
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Cited by:
  1. Mishra, SK, 2007. "A Brief History of Production Functions," MPRA Paper 5254, University Library of Munich, Germany.

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