Estimating Capital Efficiency Schedules within Production Functions
AbstractThe author estimates capital efficiency schedules within a production function, allowing the data to reveal how the efficiency of capital goods evolves as they age. A parameterized investment stream is used as a capital variable in a production function and the parameters of the production function are estimated simultaneously with the parameters of the investment stream. Plant-level panel data for steel plants employing a common technology are used to estimate the model. The author finds that the estimated efficiency schedules appear to follow a geometric pattern, which is consistent with the estimates of economic depreciation of C. Hulten and F. Wykoff (1981). Copyright 1996 by Oxford University Press.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 34 (1996)
Issue (Month): 1 (January)
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Other versions of this item:
- Mark E Doms, 1992. "Estimating Capital Efficiency Schedules Within Production Functions," Working Papers 92-4, Center for Economic Studies, U.S. Census Bureau.
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