Specification and Estimation of Cobb-Douglas Production Function Models
نویسندگان
چکیده
منابع مشابه
Specification and Estimation of Cobb-douglas Production Function Models' by A. Zellner, J. Kmenta and J. Dreze
In this paper we consider the specification and estimation of the Cobb-Douglas production function model. After reviewing the "traditional" specifying assumptions for the model which are based on deterministic profit maximization, we develop a model in which profits are stochastic and in which maximization of the mathematical expectation of profits is posited. "Sampling theory" and Bayesian est...
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In this paper a re-examination of the original time-series data sets used by Professor Douglas and associated researchers to establish the existence of an aggregate production function is undertaken. Particular attention is paid to the issue of whether the data provide deductive support for the ‘Laws of Production’ as claimed by Douglas (1948). Various statistical methods are used to analyse th...
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As Solow once remarked to me, we would not now be concerned with the question [the existence of the aggregate production function] had Paul Douglas found labor's share of American output to be twenty-five per cent and capital's share seventy-five instead of the other way around [Fisher, 1969, 572]. I hope that someone skilled in econometrics and labor will audit and evaluate my critical finding...
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Software reliability is the likelihood of the failure free function of software in a given period of time under some certain circumstances. Software testing can be defined as the process to detect the faults in totality and worth of developed computer software. Testing is very much important in assuring the quality of the software by identifying faults in software, and also most possibly removi...
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The set of Cobb-Douglas production functions is usually fitted by first linearizing the models through logarithmic transformation and then applying method of least squares. However, this procedure is valid only when the underlying assumption of multiplicative error-terms is justified. Unfortunately, this assumption is rarely satisfied in practice and accordingly, the results obtained are of dou...
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ژورنال
عنوان ژورنال: Econometrica
سال: 1966
ISSN: 0012-9682
DOI: 10.2307/1910099