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Input Substitution in the Spanish Food Industry

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  • Alarcon, Silverio
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    Abstract

    Firm panel data sets over the period 1993 to 2002 are used to estimate translog production functions with labour, capital and material inputs for 9 Spanish food industries. To tackle the endogeneity of the regressors, the generalized method of moments estimations is employed. The specification tests reject the instrument variables only for 1 out of 9 estimates. The remaining 8 industries show evidence of homogeneity and constant returns to scale. Only one industry exhibits complete separability of all pairs of factors and thus translog is preferred to Cobb-Douglas specification for 7 industries. Substitutability and complementarity between production factors in response to price changes are studied through Morishima and Shadow elasticities. Substitutability between labor and capital and complementarity between labor and materials are the most common relationships.

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    Bibliographic Info

    Paper provided by European Association of Agricultural Economists in its series 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark with number 24487.

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    Date of creation: 2005
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    Handle: RePEc:ags:eaae05:24487

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    Keywords: translog; elasticity of substitution; generalized method of moments; returns to scale; Agribusiness; C23; D24; L66;

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    1. Richard Blundell & Steve Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers W95/17, Institute for Fiscal Studies.
    2. Richard Blundell & Steve Bond, 1999. "GMM estimation with persistent panel data: an application to production functions," IFS Working Papers W99/04, Institute for Fiscal Studies.
    3. Arellano, Manuel & Bover, Olympia, 1995. "Another look at the instrumental variable estimation of error-components models," Journal of Econometrics, Elsevier, vol. 68(1), pages 29-51, July.
    4. Denny, Michael & Fuss, Melvyn A, 1977. "The Use of Approximation Analysis to Test for Separability and the Existence of Consistent Aggregates," American Economic Review, American Economic Association, vol. 67(3), pages 404-18, June.
    5. Anna Bottasso & Alessandro Sembenelli, 2004. "Does ownership affect firms’ efficiency? Panel data evidence on Italy," Empirical Economics, Springer, vol. 29(4), pages 769-786, December.
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