A Flexible Approach To Estimating Production Functions: When Output Prices Are Unobserved

Topics:
Organization
Tags:
Carnegie-Mellon University,
Management,
Production Function,
Productivity,
Quantity,
Strategy
Source:
Carnegie Mellon University

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Overview: There exists significant price dispersion in many industries. As a consequence the value of output is not necessarily a good measure of the quantity of output. Estimation of production functions for these types of goods is thus challenging since quantities and prices of output are typically not separately observed by the econometrician. This paper provides a new flexible approach for estimating production functions which treats quantity and prices for output as latent variables. To illustrate the usefulness of the techniques we consider two applications.

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Format: PDF | Size: 596KB | Date: Jul 2006 | Pages: 36

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