期刊
SCANDINAVIAN JOURNAL OF ECONOMICS
卷 107, 期 4, 页码 651-672出版社
WILEY
DOI: 10.1111/j.1467-9442.2005.00431.x
关键词
production function; revenue function; panel data; estimation bias; specification errors; price dispersion; capacity utilization
类别
The lack of individual firm information on output prices is a major problem in the econometrics of production. In particular, it may be expected to account for a significant share of the large discrepancies found between the cross-sectional and time-series estimates of capital and scale elasticities. However, taking advantage of two panel-data samples for which we had such information, we find that estimating the revenue function (using a nominal output measure) or the production function proper (using a real output measure) makes very little difference for our results. The biases due to other sources of specification errors are probably more important.
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