Specification and Estimation of Cobb-Douglas Production Function Models

Arnold Zellner, Jan Kmenta, Jacques Dréze

1966-10-01articleEconometrica654 citationsclosed

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Economic Growth and Productivity Efficiency Analysis Using DEA Statistical Methods and Bayesian Inference

Abstract

In this paper we consider the specification and estimation of the Cobb-Douglas production function model. After reviewing the "traditional " specifying assumptions for the model which are based on deterministic profit maximization, we develop a model in which profits are stochastic and in which maximization of the mathematical expectation of profits is posited. "Sampling theory " and Bayesian estimation techniques for this model are presented. 1.

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References

1974Random Simultaneous Equations and the Theory of Production

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