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Title: Microproduction Functions with Unique Coefficients and Errors: Reconsideration and Respecification
Authors: Swamy, P. A. V. B.
Tavlas, G. S.
Hall, S. G.
First Published: 11-Sep-2013
Publisher: Cambridge University Press (CUP)
Citation: Macroeconomic Dynamics, 2015, 19 (2), pp. 311-333 (23)
Abstract: We use certain theoretical measures with absolute precision to uncover a microproduction function with the correct functional form and unique coefficients and error term. This function is not misspecified when its observed dependent variable is rewritten algebraically in terms of the sum of the products of observed regressors with measurement errors and time-varying coefficients and the error term with certain components. These coefficients are the sums of the appropriate partial derivatives and formulas for excluded-variable and measurement-error biases. The partial derivatives can be estimated without these biases.
DOI Link: 10.1017/S1365100513000412
ISSN: 1365-1005
eISSN: 1469-8056
Version: Post-print
Status: Peer-reviewed
Type: Journal Article
Rights: Archived with reference to SHERPA/RoMEO and publisher website. This version may have been revised following peer review but may be subject to further editorial input by Cambridge University Press.
Description: JEL Classification: C22, F33, N10
Appears in Collections:Published Articles, Dept. of Economics

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