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Does accounting for inefficiency affect the time-varying short and long-run returns to scale?

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  • Shaik, Saleem

Abstract

The returns to scale for nineteen South Asian countries are estimated using window and cumulative rolling stochastic frontier regression analysis. The stochastic frontier analysis accounts for technical inefficiency of Hicks non-neutral technology production function in the estimation of the returns to scale. The window rolling regression and cumulative rolling regression allows the estimation of short and long run time-varying returns to scale, respectively. Empirical application to Asian agriculture sector using Food and Agricultural Organization data from 1961-2008 indicates returns to scale are under (over) estimated by the traditional panel models in the short (long) run time-varying estimation. The time-varying estimates of returns to scale indicate decreasing trend in the short run compared to long run analysis. --

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Paper provided by Leib­niz Institute of Agricultural Development in Central and Eastern Europe (IAMO) in its series IAMO Forum 2011: Will the "BRICs Decade" Continue? – Prospects for Trade and Growth with number 11.

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Date of creation: 2011
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Handle: RePEc:zbw:iamo11:11

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Keywords: Asian agriculture sector; stochastic frontier analysis; window and cumulative time-varying input elasticities and returns to scale; one-way fixed effect; 1961-2008;

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  1. Smith, Richard J. & Robert Taylor, A. M., 2001. "Recursive and rolling regression-based tests of the seasonal unit root hypothesis," Journal of Econometrics, Elsevier, vol. 105(2), pages 309-336, December.
  2. Jean-Christophe Bureau & Rolf Färe & Shawna Grosskopf, 1995. "A Comparison Of Three Nonparametric Measures Of Productivity Growth In European And United States Agriculture," Journal of Agricultural Economics, Wiley Blackwell, vol. 46(3), pages 309-326.
  3. Forsund, Finn R. & Lovell, C. A. Knox & Schmidt, Peter, 1980. "A survey of frontier production functions and of their relationship to efficiency measurement," Journal of Econometrics, Elsevier, vol. 13(1), pages 5-25, May.
  4. Kawagoe, Toshihiko & Hayami, Yujiro & Ruttan, Vernon W., 1985. "The intercountry agricultural production function and productivity differences among countries," Journal of Development Economics, Elsevier, vol. 19(1-2), pages 113-132.
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  6. Mundlak, Yair & Larson, Don & Butzer, Ritz, 1997. "The determinants of agricultural production : a cross-country analysis," Policy Research Working Paper Series 1827, The World Bank.
  7. Chiang, Thomas C, 1988. "The Forward Rate as a Predictor of the Future Spot Rate--A Stochastic Coefficient Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(2), pages 212-32, May.
  8. Hayami, Yujiro & Ruttan, Vernon W, 1970. "Agricultural Productivity Differences Among Countries," American Economic Review, American Economic Association, vol. 60(5), pages 895-911, December.
  9. Crockett, John H & Nothaft, Frank E & Wang, George H K, 1991. "Temporal Relationships among Adjustable-Rate Mortgage Indexes," The Journal of Real Estate Finance and Economics, Springer, vol. 4(4), pages 409-19, December.
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