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Production Functions

In: Production and Efficiency Analysis with R

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Listed:
  • Andreas Behr

    (University of Duisburg-Essen, Faculty of Business Administration and Economics)

Abstract

Production functions postulate a functional relation between inputs and output. In the economic literature three production functions seem to play a dominant role: The Cobb–Douglas production function, the constant elasticity of substitution function, and the transcendental logarithmic production function. In this chapter, we provide a short discussion of their theoretical properties. Overlaying the deterministic output with a random error, we show how to generate artificial data according to the production functions and demonstrate how to estimate the parameters of the different production functions.

Suggested Citation

  • Andreas Behr, 2015. "Production Functions," Springer Books, in: Production and Efficiency Analysis with R, chapter 3, pages 57-82, Springer.
    • Handle: RePEc:spr:sprchp:978-3-319-20502-1_3
    DOI: 10.1007/978-3-319-20502-1_3
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