An empirical estimation of regional production functions for the U.S. manufacturing industry
Five different production functions for 50 states and the District of Columbia in the U.S. are estimated and compared based on the 1987 data from the Census of Manufacturers. The Cobb-Douglas function can be rejected. The CES yields a negative value of the elasticity of substitution (). In the translog function, the coefficient of logKt has a wrong sign and is insignificant. The coefficient of Kt0.5Lt0.5 in the generalized Leontief function is insignificant at the 5% level. It appears that the new CES function (Bairam, 1989, 1991) yields the best statistical results: is estimated to be 1.56, and total output elasticity ranges from 0.85 to 1.12, which can partly be explained by different values of the K/L ratio.
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Volume (Year): 30 (1996)
Issue (Month): 4 ()
|Note:||Received: July 1994 / Accepted in revised form: October 1995|
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