Bayesian Efficiency Analysis with a Flexible Form: The AIM Cost Function
In this article, the authors describe the use of Gibbs sampling methods for drawing posterior inferences in a cost frontier model with an asymptotically ideal price aggregator, nonconstant returns to scale, and composed error. An empirical example illustrates the sensitivity of efficiency measures to assumptions made about the functional form of the frontier. The authors also examine the consequences of imposing regularity through parametric restrictions alone.
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Volume (Year): 12 (1994)
Issue (Month): 3 (July)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Gallant, A. Ronald & Golub, Gene H., 1984.
"Imposing curvature restrictions on flexible functional forms,"
Journal of Econometrics,
Elsevier, vol. 26(3), pages 295-321, December.
- A. Ronald Gallant & Gene H. Golub, 1982. "Imposing Curvature Restrictions on Flexible Functional Forms," Discussion Papers 538, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Greene, William H., 1990. "A Gamma-distributed stochastic frontier model," Journal of Econometrics, Elsevier, vol. 46(1-2), pages 141-163.
- W. E. Diewert & T. J. Wales, 1993. "Linear and Quadratic Spline Models for Consumer Demand Functions," Canadian Journal of Economics, Canadian Economics Association, vol. 26(1), pages 77-106, February.
- Caves, Douglas W & Christensen, Laurits R, 1980. "Global Properties of Flexible Functional Forms," American Economic Review, American Economic Association, vol. 70(3), pages 422-32, June.
- Barnett, William A. & Geweke, John & Wolfe, Michael, 1991. "Seminonparametric Bayesian estimation of the asymptotically ideal production model," Journal of Econometrics, Elsevier, vol. 49(1-2), pages 5-50.
- Broeck, Julien Van den & Steel, Mark F.J. & Osiewalski, Jacek & Koop, Gary, 1992.
"Stochastic frontier models: a bayesian perspective,"
UC3M Working papers. Economics
2823, Universidad Carlos III de Madrid. Departamento de Economía.
- van den Broeck, Julien & Koop, Gary & Osiewalski, Jacek & Steel, Mark F. J., 1994. "Stochastic frontier models : A Bayesian perspective," Journal of Econometrics, Elsevier, vol. 61(2), pages 273-303, April.
- Meeusen, Wim & van den Broeck, Julien, 1977. "Efficiency Estimation from Cobb-Douglas Production Functions with Composed Error," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(2), pages 435-44, June.
- Aigner, Dennis & Lovell, C. A. Knox & Schmidt, Peter, 1977. "Formulation and estimation of stochastic frontier production function models," Journal of Econometrics, Elsevier, vol. 6(1), pages 21-37, July.
- Gallant, A. Ronald, 1981. "On the bias in flexible functional forms and an essentially unbiased form : The fourier flexible form," Journal of Econometrics, Elsevier, vol. 15(2), pages 211-245, February.
- Bauer, Paul W., 1990. "Recent developments in the econometric estimation of frontiers," Journal of Econometrics, Elsevier, vol. 46(1-2), pages 39-56.
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