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Panel-data estimates of the production function and the revenue function: What differences does it make?

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URI: http://hdl.handle.net/10016/5205
ISSN: 1467-9442
DOI: 10.1111/j.1467-9442.2005.00431.x
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panel_jaumandreu_SJE_2005_ps.pdf (412.14 KB)
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2005-12
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Blackwell
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Abstract
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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This is the accepted version of the following article: Mairesse, J. and Jaumandreu, J. (2005), Panel-data Estimates of the Production Function and the Revenue Function: What Difference Does It Make?. The Scandinavian Journal of Economics, 107(4), 651–672, which has been published in final form at: http://dx.doi.org/10.1111/j.1467-9442.2005.00431.x
Keywords
Production function, Renueve function, Panel data, Estimation bias, Specification errors, Price dispersion, Capacity utilization
Bibliographic citation
Scandinavian Journal of Economics (2005), 107(4), 651-672.
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