Specification and Estimation of Multiple-Output Production Functions

Specification and Estimation of Multiple-Output Production Functions

by G. Hasenkamp

Paperback(Softcover reprint of the original 1st ed. 1976)

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Product Details

ISBN-13: 9783540076254
Publisher: Springer Berlin Heidelberg
Publication date: 05/06/1976
Series: Lecture Notes in Economics and Mathematical Systems , #120
Edition description: Softcover reprint of the original 1st ed. 1976
Pages: 154
Product dimensions: 6.69(w) x 9.61(h) x 0.01(d)

Table of Contents

One Introduction.- Two Multiple-Output Production Functions.- A. Introduction.- B. Basic Theory of Production.- 1. Notation.- 2. Long-run profit function.- 3. Short-run profit function.- a) Cost Function.- b) Revenue Function.- 4. Interpretation of ?*.- C. Almost-Homogeneity and Separability.- 1. Notation.- 2. Almost homogeneity.- 3. Separability.- 4. Implications.- D. The Treatment of Raw Materials in Production Theory — or Subaggregation of Inputs.- 1. Weakly separable forms of the input function.- 2. Partial Leontief input function.- 3. General comment.- E. Subaggregation of Outputs.- 1. Weakly separable form of the output function.- 2. Partial Leontief output function.- F. Conclusions.- Three Functional Forms for Multiple-Output Technologies.- A. Introduction.- B. Input Functions.- 1. Cobb-Douglas input function.- a) Notation.- b) The derived (long-run) cost function.- c) The derived (short-run) cost function.- d) The derived profit function.- 2. Constant-Elasticity-of-Substitution input function.- a) Notation.- b) The derived (long-run) cost function.- c) The derived (short-run) cost function.- d) The derived profit function.- C. Output Functions.- 1. Constant-Elasticity-of-Transformation output function.- a) Notation.- b) The derived (long-run) revenue function.- c) The derived profit function.- 2. Quadratic output function.- a) Notation.- b) The derived revenue and profit function.- 3. Generalized output function.- D. Separable Multiple-Output Production Functions.- 1. Models with a CD input function.- a) Model 1: CET output — CD input.- b) Model 2: DQ output — CD input.- c) Model 3: GO output — CD input.- 2. Models with a CES input function.- a) Model 4: CET output — CES input.- b) Model 5: DQ output — CES input.- c) Model 6: GQ output — CES input.- E. Nonseparable Multiple-Output Production Functions.- 1. Log-Quadratic (or translog).- a) Production function.- b) Profit function.- c) Cost function.- 2. Diewert.- a) Production function.- b) Profit function.- c) Cost function.- Appendix: Algebraic Derivation of Aggregate Variables.- 1. Aggregate price variable for the CD input function.- a) Long-run cost function.- b) Short-run cost function.- 2. Aggregate price variable for the CES input function and CET output function.- a) The cost function for the CES function.- b) The revenue function for the CET output function.- 3. Aggregate price variable for the DQ output function.- Four Stochastic Specification.- A. Introduction.- B. The Stochastic System of output Supply and Input Demand.- 1. Basic framework.- 2. Interpretation of the stochastic specification.- C. Stochastic Profit and Cost Functions.- 1. General remarks.- 2. Stochastic profit.- 3. Stochastic cost.- D. Estimation.- 1. Notation.- 2. Properties of estimator.- 3. Computational aspects.- Five Empirical results.- A. Introduction.- B. Cross-Section Data for U.S. Railroads.- 1. Characteristics of the data.- 2. Formulation of empirical work.- 3. Results of empirical work with the (logarithmic) input demand system.- 4. Interpretation of estimation results using the input demand system.- 5. Result of empirical work with the cost function.- 6. Comparison with Klein’s result.- C. Time Series Data for U.S. Economy.- 1. Characteristics of the data.- 2. Formulation of empirical work.- 3. Result of empirical work with the input demand system.- 4. Interpretation of estimation results using the input demand system.- 5. Result of empirical work with the cost function.- 6. Comparison with results in Christensen et.al..

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