Estimating production functions

Authored by: Daniela Puggioni , Spiro E. Stefanou

The Routledge Handbook of Agricultural Economics

Print publication date:  July  2018
Online publication date:  July  2018

Print ISBN: 9781138654235
eBook ISBN: 9781315623351
Adobe ISBN:

10.4324/9781315623351-31

 Download Chapter

 

Abstract

Production is at the core of any discussion involving economic exchange. As we develop models of production, the fundamental start is the characterization, specification, and estimation of a production technology. Modeling the production process involves making decisions on how to summarize inputs and outputs into variables that still embody the robust interplay between input–output and input–input relationships, while still being tractable in application. There are many frameworks to empirically address production frameworks. This chapter revisits the classic concepts and frameworks to econometrically estimate production technology and then focuses on recent innovations that address the endogeneity issues embedded in production decision making when estimating a production function.

 Cite
Search for more...
Back to top

Use of cookies on this website

We are using cookies to provide statistics that help us give you the best experience of our site. You can find out more in our Privacy Policy. By continuing to use the site you are agreeing to our use of cookies.