Estimating Capital Efficiency Schedules within Production Functions
The author estimates capital efficiency schedules within a production function, allowing the data to reveal how the efficiency of capital goods evolves as they age. A parameterized investment stream is used as a capital variable in a production function and the parameters of the production function are estimated simultaneously with the parameters of the investment stream. Plant-level panel data for steel plants employing a common technology are used to estimate the model. The author finds that the estimated efficiency schedules appear to follow a geometric pattern, which is consistent with the estimates of economic depreciation of C. Hulten and F. Wykoff (1981). Copyright 1996 by Oxford University Press.
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Volume (Year): 34 (1996)
Issue (Month): 1 (January)
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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.:
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- Kydland, Finn E & Prescott, Edward C, 1982.
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- Prucha, Ingmar R. & Nadiri, M. Ishaq, 1991.
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91-04, C.V. Starr Center for Applied Economics, New York University.
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- Kim, Moshe, 1988. "The Structure of Technology with Endogenous Capital Utilization," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(1), pages 111-30, February.
- W. Erwin Diewert, 1980. "Aggregation Problems in the Measurement of Capital," NBER Chapters, in: The Measurement of Capital, pages 433-538 National Bureau of Economic Research, Inc.
- Epstein, L. & Denny, M., 1980. "Endogenous capital utilization in a short-run production model : Theory and an empiral application," Journal of Econometrics, Elsevier, vol. 12(2), pages 189-207, February.
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