Cost Minimizing Behavior in U.S. Manufacturing
A stochastic frontier approach is used to examine efficiency of the U.S. manufacturing sector over the 1958 – 1996 time period. A National Bureau of Economic Research (NBER) panel data set was used to estimate a translog cost frontier. Both fixed effects and random effects models were estimated. The estimation results were surprisingly robust and show not only a great deal of inefficiency within the manufacturing sector but also a great deal of variation in efficiency within this sector.
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