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Do Economic Variables Follow Scale or Location-Scale Distributions?

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  • John M. Antle

Abstract

Economics researchers often assume that random variables are drawn from distributions that are members of scale or location-scale families of distributions. This article generalizes earlier results in the literature on the bias in least squares estimates of multiplicative error models, and uses those results to construct a test of the scale and location-scale hypotheses. A Monte Carlo simulation shows that the test is powerful in large samples. The empirical relevance of these findings is illustrated with estimates of a supply function for U.S. wheat production. Implications for applied economics research are discussed. Copyright 2010, Oxford University Press.

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  • John M. Antle, 2010. "Do Economic Variables Follow Scale or Location-Scale Distributions?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 92(1), pages 196-204.
    • Handle: RePEc:oup:ajagec:v:92:y:2010:i:1:p:196-204
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    File URL: http://hdl.handle.net/10.1093/ajae/aap010
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    Cited by:

    1. Tomasz Gerard Czekaj & Arne Henningsen, 2013. "Panel Data Nonparametric Estimation of Production Risk and Risk Preferences: An Application to Polish Dairy Farms," IFRO Working Paper 2013/6, University of Copenhagen, Department of Food and Resource Economics.
    2. Zhang, Ruojin, 2016. "The Effects of Residue Tolerance on Pesticide Use, Hop Marketing and Social Welfare," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235155, Agricultural and Applied Economics Association.

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