The approximation capabilities of the minflex-Laurents, translog, and generalized Leontief forms

Gary D. Thompson; Mark Langworthy; David Blough

doi:10.1007/BF00156472

The approximation capabilities of the minflex-Laurents, translog, and generalized Leontief forms

Gary D. Thompson, Mark Langworthy, David Blough

Agricultural and Resource Economics

Research output: Contribution to journal › Article › peer-review

1 Scopus citations

Abstract

This paper compares the approximation capabilities of the minflex-Laurents translog and minflex generalized Leontief cost functions with their translog and generalized Leontief counterparts in Monte Carlo experiments. The minflex Laurent specifications generally provided closer approximations to underlying technical and economic parameters. Imposition of nonlinear restrictions on some of the parameters of the minflex Laurent models yielded measurable improvement in estimated elasticities of substitutions, returns to scale, and rates of technical change.

Original language	English (US)
Pages (from-to)	299-322
Number of pages	24
Journal	Journal of Productivity Analysis
Volume	2
Issue number	4
DOIs	https://doi.org/10.1007/BF00156472
State	Published - Feb 1992

Keywords

Laurent functional forms
Monte Carlo
rates of technical change

ASJC Scopus subject areas

Business and International Management
Social Sciences (miscellaneous)
Economics and Econometrics

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10.1007/BF00156472

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abstract = "This paper compares the approximation capabilities of the minflex-Laurents translog and minflex generalized Leontief cost functions with their translog and generalized Leontief counterparts in Monte Carlo experiments. The minflex Laurent specifications generally provided closer approximations to underlying technical and economic parameters. Imposition of nonlinear restrictions on some of the parameters of the minflex Laurent models yielded measurable improvement in estimated elasticities of substitutions, returns to scale, and rates of technical change.",

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AB - This paper compares the approximation capabilities of the minflex-Laurents translog and minflex generalized Leontief cost functions with their translog and generalized Leontief counterparts in Monte Carlo experiments. The minflex Laurent specifications generally provided closer approximations to underlying technical and economic parameters. Imposition of nonlinear restrictions on some of the parameters of the minflex Laurent models yielded measurable improvement in estimated elasticities of substitutions, returns to scale, and rates of technical change.

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The approximation capabilities of the minflex-Laurents, translog, and generalized Leontief forms

Abstract

Keywords

ASJC Scopus subject areas

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