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A Non‐homothetic Globally Concave Flexible Cost Function and its Application to Panel Data

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  • Shinichiro Nakamura

Abstract

A new non‐homothetic globally concave flexible cost function is introduced and applied to a panel of firms in the Japanese paper and pulp industry. This cost function is a mixture of the generalized McFadden form and the generalized Ozaki form due to Nakamura (1990). A generalized index of technical change is used in place of the standard quadratic form of time‐trend. The estimated cost function satisfied global concavity, and the symmetry condition of the Slutsky matrix was not rejected. Homotheticity was strongly rejected. JEL Classification Numbers: C33, D24.

Suggested Citation

  • Shinichiro Nakamura, 2001. "A Non‐homothetic Globally Concave Flexible Cost Function and its Application to Panel Data," The Japanese Economic Review, Japanese Economic Association, vol. 52(2), pages 208-223, June.
  • Handle: RePEc:bla:jecrev:v:52:y:2001:i:2:p:208-223
    DOI: 10.1111/1468-5876.00191
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    More about this item

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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