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Parametric Aggregation of Random Coefficient Cobb-Douglas Production Functions: Evidence from Manufacturing Industries

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Author Info
Erik Biørn, Terje Skjerpen and Knut Reidar Wangen () (Statistics Norway)

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Abstract

A panel data study of parametric aggregation of a production function is presented. A four-factor Cobb-Douglas function with random and jointly normal coefficients and jointly log-normal inputs is used. Since, if the number of micro units is not too small and certain regularity conditions are met, aggregates expressed as arithmetic means can be associated with expectations, we consider conditions ensuring the existence and stability of relationships between expected inputs and expected output and discuss their properties. Existence conditions for and relationships between higher-order moments are considered. An empirical implementation based on panel data for two manufacturing industries gives decomposition and simulation results for expected output and estimates of the aggregate parameters. Illustrations of approximation procedures and aggregation errors are also given.

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Publisher Info
Paper provided by Research Department of Statistics Norway in its series Discussion Papers with number 342.

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Date of creation: Feb 2003
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Handle: RePEc:ssb:dispap:342

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Related research
Keywords: Aggregation. Productivity. Cobb-Douglas. Log-normal distribution. Random coefficients. Panel data.;

Find related papers by JEL classification:
C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data
C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms

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References listed on IDEAS
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  1. Antle, John M, 1983. "Testing the Stochastic Structure of Production: A Flexible Moment-based Approach," Journal of Business & Economic Statistics, American Statistical Association, vol. 1(3), pages 192-201, July.
  2. Klette, Tor Jakob & Griliches, Zvi, 1996. "The Inconsistency of Common Scale Estimators When Output Prices Are Unobserved and Endogenous," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(4), pages 343-61, July-Aug.. [Downloadable!] (restricted)
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  3. Erik Biørn, Kjersti-Gro Lindquist and Terje Skjerpen, . "Micro Data On Capital Inputs: Attempts to Reconcile Stock and Flow Information," Discussion Papers 268, Research Department of Statistics Norway. [Downloadable!]
  4. Erik Biørn and Terje Skjerpen, 2002. "Aggregation and Aggregation Biases in Production Functions: A Panel Data Analysis of Translog Models," Discussion Papers 317, Research Department of Statistics Norway. [Downloadable!]
  5. Erik Biørn, Kjersti-Gro Lindquist and Terje Skjerpen, 2000. "Heterogeneity in Returns to Scale: A Random Coefficient Analysis with Unbalanced Panel Data," Discussion Papers 292, Research Department of Statistics Norway. [Downloadable!]
  6. Nicole Fortin, 1991. "Fonctions de production et biais d'agrégation," Annales d'Economie et de Statistique, ADRES, issue 20-21, pages 04, Octobre-m. [Downloadable!]
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