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Long-Run Production Modeling with Pseudo Data: Electric Power Generation

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  • James M. Griffin

Abstract

This paper presents a new approach to long-run production modeling which combines the simplicity of the statistical cost function with the technical detail of process analysis. Pseudo data, which are generated by an electric power process model, depict the cost-minimizing input configurations for alternative relative input prices. The pseudo data are then utilized to estimate a translog cost function, which provides price and substitution elasticities as well as a convenient form for micromodeling. Pseudo data offer numerous advantages compared to conventional time series particularly in that they avoid multicollinearity, a limited sample range, and inadequate technical and environmental detail.

Suggested Citation

  • James M. Griffin, 1977. "Long-Run Production Modeling with Pseudo Data: Electric Power Generation," Bell Journal of Economics, The RAND Corporation, vol. 8(1), pages 112-127, Spring.
    • Handle: RePEc:rje:bellje:v:8:y:1977:i:spring:p:112-127
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    Cited by:

    1. Abada, Ibrahim & Briat, Vincent & Massol, Olivier, 2013. "Construction of a fuel demand function portraying interfuel substitution, a system dynamics approach," Energy, Elsevier, vol. 49(C), pages 240-251.
    2. H. Qi & C. K. Woo & K. H. Cao & J. Zarnikau & R. Li, 2024. "Price responsiveness of solar and wind capacity demands," Post-Print hal-04597188, HAL.
    3. repec:cty:dpaper:10.1080/0013791x.2011.573615 is not listed on IDEAS
    4. Olivier Massol, 2011. "A Cost Function for the Natural Gas Transmission Industry: Further Considerations," The Engineering Economist, Taylor & Francis Journals, vol. 56(2), pages 95-122.
    5. H. S. Burness & R. G. Cummings & Verne W. Loose, 1985. "Scale Economies and Reliability in the Electric Power Industry," The Energy Journal, , vol. 6(1), pages 157-170, January.
    6. repec:cty:dpaper:1464 is not listed on IDEAS
    7. Lady, George M., 2010. "Evaluating long term forecasts," Energy Economics, Elsevier, vol. 32(2), pages 450-457, March.
    8. G. Thomas Sav, 1987. "Tax Incentives for Innovative Energy Sources: Extensions of E-K Complementarity," Public Finance Review, , vol. 15(4), pages 417-427, October.

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