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A frontier approach to disequilibrium models

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  • Kaddour Hadri

Abstract

Due to aggregation (Muellbauer, 1978), market frictions (Benassy, 1982) and stochastic manipulable perceived rationing (Weinrich, 1984) it is very likely that the quantity transacted is less than the short side of a market affected by quantity rationing. This is we might observe in a given market simultaneously excess demand and excess supply. In this paper we suggest a frontier approach to specify these inefficiencies in disequilibrium models. This is done essentially by adding a truncated disturbance term to the traditional symmetric error. The new specification allows us to test for the presence of any type of inefficiency.

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Bibliographic Info

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

Volume (Year): 4 (1997)
Issue (Month): 11 ()
Pages: 699-701

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Handle: RePEc:taf:apeclt:v:4:y:1997:i:11:p:699-701

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Cited by:
  1. Kaddour Hadri & Cherif Guermat & Julie Whittaker, 2003. "Estimating Farm Efficiency in the Presence of Double Heteroscedasticity Using Panel Data," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 255-268, November.
  2. Hadri, K. & Whittaker, J., 1995. "Efficiency, environmental Contaminants and Farm Size: Testing for Links Using Stochastic Production Frontiers," Discussion Papers 9505, Exeter University, Department of Economics.

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