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Modelling a stochastic profit system using gauge function

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  • Yongseung Han

Abstract

This article provides an analytical solution to the ‘Greene problem’; use of McFadden's gauge function successfully separates technical inefficiency from the profit function and its share equations, even though allocative inefficiency is incorporated into the profit system, and establishes an exact relationship between allocative inefficiency in the profit function and its share equations to make the system readily estimable.

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File URL: http://hdl.handle.net/10.1080/13504851.2011.605754
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

Volume (Year): 19 (2012)
Issue (Month): 9 (June)
Pages: 823-827

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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:823-827

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Cited by:
  1. Kumbhakar, Subal C., 2013. "Specification and estimation of multiple output technologies: A primal approach," European Journal of Operational Research, Elsevier, vol. 231(2), pages 465-473.

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