Estimation of Production Functions
نویسنده
چکیده
1 Introduction Why do we care about estimating production functions (in an IO course)? Production functions are components in many economic models; Evaluate e¢ ciency of an industry: increasing returns, economies of scale complementarity / substitutability between inputs cost regulation, synergies and mergers economics of scope learning by doing Productivity analysis (output per index of inputs) measurement of productivity di¤erences across rms or over time e¤ects of policy (deregulation, tari¤s, etc.) returns of R&D (private and social) returns to adoption of new technology As a side: I have an additional reason for covering this material, especially early in the course. It is an excellent subject to motivate many very important issues in empirical micro. Unlike, many of the models we will see later, the models of productions functions are linear. It is important to cover many of the issues in linear models before we move on to non-linear estimation.
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