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Cost Minimizing Behavior in U.S. Manufacturing

Author

Listed:
  • James Swanson

    (Central Missouri State University)

  • Kim Andrews

    (Central Missouri State University)

Abstract

A stochastic frontier approach is used to examine efficiency of the U.S. manufacturing sector over the 1958 – 1996 time period. A National Bureau of Economic Research (NBER) panel data set was used to estimate a translog cost frontier. Both fixed effects and random effects models were estimated. The estimation results were surprisingly robust and show not only a great deal of inefficiency within the manufacturing sector but also a great deal of variation in efficiency within this sector.

Suggested Citation

  • James Swanson & Kim Andrews, 2003. "Cost Minimizing Behavior in U.S. Manufacturing," Journal of Economic Insight, Missouri Valley Economic Association, vol. 29(1), pages 93-108.
    • Handle: RePEc:mve:journl:v:29:y:2003:i:1:p:93-108
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    More about this item

    JEL classification:

    • L6 - Industrial Organization - - Industry Studies: Manufacturing

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