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A General Evaluation on Estimates of Cobb-Douglas, CES, VES and Translog Production Functions

Year 2017, Volume: 2 Issue: 3, 235 - 278, 30.09.2017

Mehmet Songur , Filiz Elmas Saraç

https://doi.org/10.25229/beta.336297
Cited By: 4

Abstract

This article gives an overview of the literature on
the empirical estimation of different production functions. In this context,
the empirical literature on four different production functions (Cobb-Douglas,
CES, VES and Translog) has been examined. It can be seen from the literature,
OLS estimator is often used to estimate production functions. On the other
hand, the Cobb-Douglas Production Function is generally preferred in the
literature for estimating output elasticity. However, the Cobb-Douglas
Production Function does not provide information about the substitution
relationships between inputs. For this reason, production functions that allow
the calculation of elasticity of substitution should be preferred.  




Keywords

Production Function Cobb-Douglas CES VES Translog

References

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Cobb-Douglas, CES, VES ve Translog Üretim Fonksiyonlarının Tahminleri Üzerine Genel Bir Değerlendirme

Year 2017, Volume: 2 Issue: 3, 235 - 278, 30.09.2017

Mehmet Songur , Filiz Elmas Saraç

https://doi.org/10.25229/beta.336297
Cited By: 4

Abstract

Bu makalede farklı üretim fonksiyonlarının ampirik tahmini ile ilgili
yazına genel bir bakış sunulmaktadır. Bu bağlamda, dört farklı üretim
fonksiyonu (Cobb-Douglas, CES, VES ve Translog) ile ilgili ampirik yazın
incelenmiştir. Yazına bakıldığında görülmektedir ki, EKK tahmincisi üretim
fonksiyonlarının tahmininde sıklıkla kullanılmıştır. Öte yandan, Cobb-Douglas
Üretim Fonksiyonu çıktı esnekliğini tahmin etmek için yazında genellikle
kullanılmaktadır. Fakat, Cobb-Douglas Üretim Fonksiyonu girdiler arasındaki
ikame ilişkileri hakkında bilgi vermemektedir. Bu nedenle, ikame esnekliğinin
hesaplanmasına izin veren üretim fonksiyonları tercih edilmelidir.

Keywords

Üretim Fonksiyonu Cobb-Douglas CES VES Translog

References

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  • Akan, Y. (2002). Türk imalat sanayiinde faktör ikamesi, teknolojik gelişme ve ölçeğe göre getiri: Yeni CES üretim fonksiyonu yaklaşımı. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 16(3-4), 75-85.
  • Arrow, K. J., Chenery, H. B., Minhas, B. S., & Solow, R. M. (1961). Capital-labor substitution and economic efficiency. The Review of Economics and Statistics, 43(3), 225-250.
  • Avcı, T., & Çağlar, A. (2016). Stokastik sınır analizi: İstanbul Sanayi Odası'na kayıtlı firmalara yönelik bir uygulama. Siyaset, Ekonomi ve Yönetim Arastirmalari Dergisi, 4(2), 17-57.
  • Balistreri, E. J., McDaniel, C. A., & Wong, E. V. (2003). An estimation of US industry-level capital–labor substitution elasticities: Support for Cobb–Douglas. The North American Journal of Economics and Finance, 14(3), 343-356.
  • Batisani, N., & Yarnal, B. (2011). Elasticity of capital-land substitution in housing construction, Gaborone, Botswana: Implications for smart growth policy and affordable housing. Landscape and Urban Planning, 99(2), 77-82.
  • Bell, F. W. (1965). A note on the empirical estimation of the CES Production Function with the use of capital data. The Review of Economics and Statistics, 47(3), 328-330.
  • Berndt, E. R. (1976). Reconciling alternative estimates of the elasticity of substitution. The Review of Economics and Statistics, 58(1), 59-68.
  • Berndt, E. R., & Christensen, L. R. (1974). Testing for the existence of a consistent aggregate index of labor inputs. The American Economic Review, 64(3), 391-404.
  • Binswanger, H. P. (1974). The measurement of technical change biases with many factors of production. The American Economic Review, 64(6), 964-976.
  • Blundell, R., & Bond, S. (2000). GMM estimation with persistent panel data: An application to production functions. Econometric Reviews, 19(3), 321-340.
  • Brockway, P. E., Saunders, H., Heun, M. K., Foxon, T. J., Steinberger, J. K., Barrett, J. R., & Sorrell, S. (2017). Energy rebound as a potential threat to a low-carbon future: Findings from a new exergy-based national-level rebound approach. Energies, 10(1), 1-24.
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  • Cantos, P., Gumbau‐Albert, M., & Maudos, J. (2005). Transport infrastructures, spillover effects and regional growth: evidence of the Spanish case. Transport Reviews, 25(1), 25-50.
  • Carter, H. O., & Hartley, H. O. (1958). A variance formula for marginal productivity estimates using the Cobb-Douglas Function. Econometrica, 26(2), 306-313.
  • Carter, M. R. (1984). Identification of the inverse relationship between farm size and productivity: An empirical analysis of peasant agricultural production. Oxford Economic Papers, 36(1), 131-145.
  • Chisasa, J., & Makina, D. (2013). Bank credit and agricultural output in South Africa: A Cobb-Douglas empirical analysis. The International Business & Economics Research Journal, 12(4), 387.
  • Chikabwi, D., Chidoko, C., & Mudzingiri, C. (2017). Manufacturing sector productivity growth drivers: Evidence from SADC member states. African Journal of Science, Technology, Innovation and Development, 9(2), 163-171.
  • Chmielarz, W., & Stachurski, A. (1986). A class of VES Production Function: Properties and estimation results. Control and Cybernetics, (3-4), 367-381.
  • Chow, G. C., & Li, K. W. (2002). China’s economic growth: 1952–2010. Economic Development and Cultural Change, 51(1), 247-256.
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  • Çalmaşur, G. (2016). Technical efficiency analysis in the automotive industry: A stochastic frontier approach. International Journal of Economics, Commerce and Management, 4(4), 120-137.
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Details

Primary Language Turkish
Subjects Business Administration
Journal Section Issues
Authors

Mehmet Songur

Filiz Elmas Saraç

Publication Date September 30, 2017
Submission Date August 28, 2017
Acceptance Date October 23, 2017
Published in Issue Year 2017 Volume: 2 Issue: 3

Cite

APA Songur, M., & Elmas Saraç, F. (2017). Cobb-Douglas, CES, VES ve Translog Üretim Fonksiyonlarının Tahminleri Üzerine Genel Bir Değerlendirme. Bulletin of Economic Theory and Analysis, 2(3), 235-278. https://doi.org/10.25229/beta.336297

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