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A Translog Cost Function Analysis of U.S. Agriculture: 1948-1999

Author

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  • Ball, V. Eldon
  • Nehring, Richard F.
  • Moss, Charles B.
  • Erickson, Kenneth W.

Abstract

This study examines the implications of the short-run specification of the standard, static translog cost function along with the possible implications of non-stationarity by estimating a dynamic translog cost specification complete with dynamic share equations for the U.S. using an empirical approach developed by Urga and Walters (2003). We compare the results of the static, long-run model with those of a dynamic, short-run error-correction model in terms of 1) significance of the parameter estimates, and 2) consistency with economic theory.

Suggested Citation

  • Ball, V. Eldon & Nehring, Richard F. & Moss, Charles B. & Erickson, Kenneth W., 2003. "A Translog Cost Function Analysis of U.S. Agriculture: 1948-1999," 2003 Annual Meeting, July 13-16, 2003, Denver, Colorado 35968, Western Agricultural Economics Association.
  • Handle: RePEc:ags:waeade:35968
    DOI: 10.22004/ag.econ.35968
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    Cited by:

    1. Arnaud Daymard, 2018. "A Closer Look at the Mechanism of Structural Transformation: the Role of Land- versus Labor-Augmenting Technical Change in Agriculture," THEMA Working Papers 2018-11, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.

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    Keywords

    Research Methods/ Statistical Methods;

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