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Microproduction Functions with Unique Coefficients and Errors: Reconsideration and Respecification

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journal contribution
posted on 24.04.2015, 10:18 by P. A. V. B. Swamy, G. S. Tavlas, S. G. Hall
We use certain theoretical measures with absolute precision to uncover a microproduction function with the correct functional form and unique coefficients and error term. This function is not misspecified when its observed dependent variable is rewritten algebraically in terms of the sum of the products of observed regressors with measurement errors and time-varying coefficients and the error term with certain components. These coefficients are the sums of the appropriate partial derivatives and formulas for excluded-variable and measurement-error biases. The partial derivatives can be estimated without these biases.

History

Citation

Macroeconomic Dynamics, 2015, 19 (2), pp. 311-333 (23)

Author affiliation

/Organisation/COLLEGE OF SOCIAL SCIENCE/Department of Economics

Version

AM (Accepted Manuscript)

Published in

Macroeconomic Dynamics

Publisher

Cambridge University Press (CUP)

issn

1365-1005

eissn

1469-8056

Available date

24/04/2015

Publisher version

http://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=9603745&fileId=S1365100513000412

Notes

JEL Classification: C22, F33, N10

Language

en