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Examination Of Alternative Heteroscedastic Error Structures Using Experimental Data

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  • Mjelde, James W.
  • Capps, Oral, Jr.
  • Griffin, Ronald C.

Abstract

Impacts of alternative specifications for heteroscedastic error structures are examined by estimating various production functions for corn in Central Texas. Production- and profit- maximizing levels of input and the shape of the profit equation obtained from models not corrected for heteroscedasticity differed from those obtained from models corroded for heteroscedasticaity. Using the profit-maximizing input levels for each production function gave essentially the same estimated yield and profit, regardless of the specification for heteroscedasticity employed. Differences of up to one-quarter to one-third are noted, however, in the amount of profit-maximizing levels of input used, depending on the heteroscedasticity correction.

Suggested Citation

  • Mjelde, James W. & Capps, Oral, Jr. & Griffin, Ronald C., 1995. "Examination Of Alternative Heteroscedastic Error Structures Using Experimental Data," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 27(01), pages 1-15, July.
    • Handle: RePEc:ags:joaaec:15329
    DOI: 10.22004/ag.econ.15329
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    References listed on IDEAS

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    1. Griffin, Ronald C. & Rister, M. Edward & Montgomery, John M. & Turner, Fred T., 1985. "Scheduling Inputs With Production Functions: Optimal Nitrogen Programs For Rice," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 17(01), pages 1-10, July.
    2. Griffin, Ronald C. & Rister, M. Edward & Montgomery, John M. & Turner, Fred T., 1985. "Scheduling Inputs With Production Functions: Optimal Nitrogen Programs For Rice," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 17(01), pages 1-10, July.
    3. David L. Debertin, 1993. "An Animated Instructional Module for Teaching Production Economics With 3-D Graphics," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(2), pages 485-491.
    4. Breusch, T S & Pagan, A R, 1979. "A Simple Test for Heteroscedasticity and Random Coefficient Variation," Econometrica, Econometric Society, vol. 47(5), pages 1287-1294, September.
    5. Just, Richard E. & Pope, Rulon D., 1978. "Stochastic specification of production functions and economic implications," Journal of Econometrics, Elsevier, vol. 7(1), pages 67-86, February.
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