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Estimating Capital Efficiency Schedules within Production Functions

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Author Info
Doms, Mark E

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Abstract

The 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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Publisher Info
Article provided by Oxford University Press in its journal Economic Inquiry.

Volume (Year): 34 (1996)
Issue (Month): 1 (January)
Pages: 78-92
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Handle: RePEc:oup:ecinqu:v:34:y:1996:i:1:p:78-92

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Epstein, L. & Denny, M., 1980. "Endogenous capital utilization in a short-run production model : Theory and an empiral application," Journal of Econometrics, Elsevier, vol. 12(2), pages 189-207, February. [Downloadable!] (restricted)
  2. Bertola, G. & Caballero, R.J., 1990. "Kinked Adjustment Costs And Aggregate Dynamics," Discussion Papers 1990_20, Columbia University, Department of Economics.
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  3. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November. [Downloadable!] (restricted)
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  4. Pakes, Ariel & Griliches, Zvi, 1984. "Estimating Distributed Lags in Short Panels with an Application to the Specification of Depreciation Patterns and Capital Stock Constructs," Review of Economic Studies, Blackwell Publishing, vol. 51(2), pages 243-62, April. [Downloadable!] (restricted)
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  5. Kim, Moshe, 1988. "The Structure of Technology with Endogenous Capital Utilization," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(1), pages 111-30, February. [Downloadable!] (restricted)
  6. W. Erwin Diewert, 1980. "Aggregation Problems in the Measurement of Capital," NBER Chapters, in: The Measurement of Capital, pages 433-538 National Bureau of Economic Research, Inc. [Downloadable!]
  7. De Long, J Bradford & Summers, Lawrence H, 1991. "Equipment Investment and Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 445-502, May. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Sang V Nguyen & Mary L Streitwieser, 1998. "Factor Substitution In U.S. Manufacturing: Does Plant Size Matter," Working Papers 98-6, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
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  2. Adela Luque, 2002. "An Option-Value Approach To Technology Adoption In U.S. Manufacturing: Evidence From Microdata," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 11(6), pages 543-568, January. [Downloadable!] (restricted)
  3. Douglas W Dwyer, 1995. "Whittling Away At Productivity Dispersion," Working Papers 95-5, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
  4. Richard Harris & Catherine Robinson, 2005. "Impact of Regional Selective Assistance on sources of productivity growth: plant-level evidence from UK manufacturing, 1990--98," Regional Studies, Taylor and Francis Journals, vol. 39(6), pages 751-765, August. [Downloadable!] (restricted)
  5. Adela Luque, 2000. "An Option-Value Approach to Technology in U.S. Maufacturing: Evidence from Plant-Level Data," Working Papers 00-12, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
  6. Sanghamitra Das & Ramprasad Sengupta, 2004. "Projection pursuit regression and disaggregate productivity effects: the case of the Indian blast furnaces," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(3), pages 397-418. [Downloadable!]
  7. Wayne B Gray & Ronald J Shadbegian, 2001. "Plant Vintage, Technology, and Environmental Regulation," Working Papers 01-08, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
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  8. Plutarchos Sakellaris & Dan Wilson, 2000. "The Production-Side Approach to Estimating Embodied Technological Change," Electronic Working Papers 00-002, University of Maryland, Department of Economics. [Downloadable!]
    Other versions:
  9. Sang V Nguyen & Mary L Streitwieser, 1997. "Capital-Energy Substitution Revisted: New Evidence From Micro Data," Working Papers 97-4, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
  10. Sang Nguyen & B.K. Atrostic, 2005. "Computer Investment, Computer Networks and Productivity," Working Papers 05-01, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
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