Научный семинар Субала Кумбхакара (Государственный университет Нью-Йорка): «Primal Production Models: A Synthesis of Specification and Estimation Issues»
В пятницу, 21 мая в ауд. Д-318 (Покровский бульвар, 11) прошел научный семинар МИЭФ.
Докладчик: Субал Кумбхакар (Государственный университет Нью-Йорка)
Тема доклада: «Primal Production Models: A Synthesis of Specification and Estimation Issues»
Abstract: This paper shows that various popular primal production models such as the production function, input distance function and input requirement function are algebraically equivalent in the sense that they can be derived from the same underlying transformation (production possibility) function. By assuming that producers maximize profit, we show that OLS gives inconsistent estimates irrespective of whether the production, input distance and input requirement functions are used. Based on several specifications of the production and input distance function models, we conclude that one can estimate the input elasticities and returns to scale consistently using instruments on only one regressor. No instruments are needed if a system approach is used. We used Norwegian timber harvesting data to illustrate workings of various model specifications.