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Specification and estimation of Cobb-Douglas production function models

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  • Dreze, Jacques

Abstract

In this paper we consider the specification and estimation of the Cobb-Douglas production function model. After reviewing the "traditional" specifying assumptions for the model which are based on deterministic profit maximization, we develop a model in which profits are stochastic and in which maximization of the mathematical expectation of profits is posited. "Sampling theory" and Bayesian estimation techniques for this model are presented.

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Bibliographic Info

Paper provided by Université catholique de Louvain in its series Open Access publications from Université catholique de Louvain with number info:hdl:2078.1/86755.

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Date of creation: 1966
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Publication status: Published in Econometrica (1966) v.34, p.784-795
Handle: RePEc:ner:louvai:info:hdl:2078.1/86755

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Cited by:
  1. Deininger, Klaus & Ali, Daniel Ayalew & Alemu, Tekie, 2011. "Productivity effects of land rental markets in Ethiopia : Evidence from a matched tenant-landlord sample," Policy Research Working Paper Series 5727, The World Bank.
  2. Shankar, Bhavani & Piesse, Jenifer & Thirtle, Colin, 2003. "Energy substitutability in transition agriculture: estimates and implications for Hungary," Agricultural Economics, Blackwell, vol. 29(2), pages 181-193, October.
  3. Jürgen Bitzer & Holger Görg & Philipp Schröder, 2008. "Can trade really hurt? An empirical follow-up on Samuelson's controversial paper," Kiel Working Papers 1451, Kiel Institute for the World Economy.
  4. Meike Wollni & Bernhard Brümmer, 2009. "Productive efficiency of specialty and conventional coffee farmers in Costa Rica: Accounting for technological heterogeneity and self-selection," Courant Research Centre: Poverty, Equity and Growth - Discussion Papers 13, Courant Research Centre PEG.
  5. Théopiste Butare, 1991. "Education et productivité dans les secteurs traditionnels : une analyse empirique," Économie et Prévision, Programme National Persée, vol. 97(1), pages 35-48.
  6. Arie Bregman & Melvyn Fuss & Haim Regev, 1991. "High Tech Firms in Israeli Industry," NBER Working Papers 2969, National Bureau of Economic Research, Inc.
  7. Kumbhakar, Subal C., 2011. "Estimation of production technology when the objective is to maximize return to the outlay," European Journal of Operational Research, Elsevier, vol. 208(2), pages 170-176, January.
  8. Tybout, James R., 1990. "Making noisy data sing : a micro approach to measuring industrial efficiency," Policy Research Working Paper Series 327, The World Bank.
  9. Taye Mengistae, 1995. "Age-size effects in productive efficiency: a second test of the passive learning model," Economics Series Working Papers WPS/1996-02, University of Oxford, Department of Economics.
  10. Yuriy Gorodnichenko, 2007. "Using Firm Optimization to Evaluate and Estimate Returns to Scale," NBER Working Papers 13666, National Bureau of Economic Research, Inc.
  11. Tiongco, Marites & Dawe, David, 2002. "Long-term Evolution of Productivity in a Sample of Philippine Rice Farms: Implications for Sustainability and Future Research," World Development, Elsevier, vol. 30(5), pages 891-898, May.
  12. Ariel Pakes & Mark Schankerman, 1980. "An Exploration into the Determinants of Research Intensity," NBER Working Papers 0438, National Bureau of Economic Research, Inc.
  13. K V Bhanu Murthy, 2004. "Arguing A Case For The Cobb-Douglas Production Function," Econometrics 0409012, EconWPA.
  14. Saldias, Rodrigo & von Cramon-Taubadel, Stephan, 2012. "Access to credit and the determinants of technical inefficiency among specialized small farmers in Chile," DARE Discussion Papers 1211, Georg-August University of Göttingen, Department of Agricultural Economics and Rural Development (DARE).
  15. Kehinde, A.L. & Awoyemi, T.T. & Omonona, B.T. & Akande, J.A., 2010. "Technical efficiency of sawnwood production in Ondo and Osun states, Nigeria," Journal of Forest Economics, Elsevier, vol. 16(1), pages 11-18, January.

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