Scale Effects, Time-Varying Markups, and the Cyclical Behaviour of Primal and Dual Productivity

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Scale Effects, Time-Varying Markups, and the Cyclical Behaviour of Primal and Dual Productivity

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Altug, Sumru
Filiztekin, Alpay

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Abstract

This paper presents estimates of the degree of returns to scale using nonparametric measures of primal and dual productivity for 2-digit US manufacturing industries. As part of the analysis, the cyclical behaviour of primal and dual productivity measures are considered, time-varying markups are allowed for, and the small sample properties of the instrumental variables estimator used to derive the estimates from the primal and dual relations examined. Both the primal and dual estimates indicate the existence of increasing returns to scale for the durable goods industries. The simulation results indicate there is a slight tendency for the dual equation estimates to overestimate the degree of returns to scale. However, small sample bias appears to be most severe for the non-durable goods industries. Copyright 2002 by Taylor and Francis Group

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

Volume (Year): 34 (2002)
Issue (Month): 13 (September)
Pages: 1687-1702
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Handle: RePEc:taf:applec:v:34:y:2002:i:13:p:1687-1702

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Altug, Sumru G. & Filiztekin, Alpay & Pamuk, Sevket, 2007. "The Sources of Long-term Economic Growth for Turkey, 1880-2005," CEPR Discussion Papers 6463, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Pierre Lafourcade, 2003. "Asset prices and rents in a GE model with imperfect competition," Finance and Economics Discussion Series 2003-60, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
Klaus Wälde & Pia Weiss, 2004. "International Competition, Slim Firms and Wage Inequality," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]

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