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

Yıl 2017, Cilt: 2 Sayı: 3, 235 - 278, 30.09.2017

Mehmet Songur Filiz Elmas Saraç

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

Öz

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.  




Anahtar Kelimeler

Production Function Cobb-Douglas CES VES Translog

Kaynakça

  • Açıkgöz, Ş., & Çatalbaş, G. K. (2013). Türkiye Ekonomisi’nde büyümenin kaynakları: Parametrik olmayan bir yaklaşım. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 25(2), 1-22.
  • 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.
  • Bronfenbrenner, M., & Douglas, P. H. (1939). Cross-section studies in the Cobb-Douglas Function. Journal of Political Economy, 47(6), 761-785.
  • 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.
  • Çermikli, A. H., & Tokatlıoğlu, İ. (2015). Yüksek ve orta gelirli ülkelerde teknolojik gelişmenin enerji yoğunluğu üzerindeki etkisi. Mustafa Kemal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 12(32), 1-22.
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Cobb-Douglas, CES, VES ve Translog Üretim Fonksiyonlarının Tahminleri Üzerine Genel Bir Değerlendirme

Yıl 2017, Cilt: 2 Sayı: 3, 235 - 278, 30.09.2017

Mehmet Songur Filiz Elmas Saraç

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

Öz

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.

Anahtar Kelimeler

Üretim Fonksiyonu Cobb-Douglas CES VES Translog

Kaynakça

  • Açıkgöz, Ş., & Çatalbaş, G. K. (2013). Türkiye Ekonomisi’nde büyümenin kaynakları: Parametrik olmayan bir yaklaşım. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 25(2), 1-22.
  • 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.
  • Bronfenbrenner, M., & Douglas, P. H. (1939). Cross-section studies in the Cobb-Douglas Function. Journal of Political Economy, 47(6), 761-785.
  • 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.
  • Christensen, L. R., Jorgenson, D. W., & Lau, L. J. (1973). Transcendental logarithmic production frontiers. The Review of Economics and Statistics, 55(1), 28-45.
  • Cobb, C. W., & Douglas, P. H. (1928). A theory of production. The American Economic Review, 18(1), 139-165.
  • 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.
  • Çermikli, A. H., & Tokatlıoğlu, İ. (2015). Yüksek ve orta gelirli ülkelerde teknolojik gelişmenin enerji yoğunluğu üzerindeki etkisi. Mustafa Kemal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 12(32), 1-22.
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  • Lin, B., & Atsagli, P. (2017). Inter-fuel substitution possibilities in South Africa: A Translog Production Function approach. Energy, 121, 822-831.
  • Lin, B., Atsagli, P., & Dogah, K. E. (2016). Ghanaian energy economy: Inter-production factors and energy substitution. Renewable and Sustainable Energy Reviews, 57, 1260-1269.
  • Lin, B., & Xie, C. (2014). Energy substitution effect on transport industry of China-based on Trans-log Production Function. Energy, 67, 213-222.
  • Lovell, C. K. (1973a). CES and VES Production Functions in a cross-section context. Journal of Political Economy, 81(3), 705-720.
  • Lovell, C. K. (1973b). Estimation and prediction with CES and VES Production Functions. International Economic Review, 14(3), 676-692.
  • Lyu, S. J. L., White, F. C., & Lu, Y. C. (1984). Estimating effects of agricultural research and extension expenditures on productivity: A Translog Production Function approach. Journal of Agricultural and Applied Economics, 16(2), 1-8.
  • Maddala, G. S., & Kadane, J. B. (1966). Some notes on the estimation of the Constant Elasticity of Substitution Production Function. The Review of Economics and Statistics, 340-344.
  • Maddala, G. S., & Kadane, J. B. (1967). Estimation of returns to scale and the elasticity of substitution. Econometrica, Journal of the Econometric Society, 35(3/4), 419-423.
  • Marschak, J., & Andrews, W. H. (1944). Random simultaneous equations and the theory of production. Econometrica, 12(3/4), 143-205.
  • Meusen, W., & van Den Broeck, J. (1977). Efficiency estimation from Cobb-Douglas Production Functions with composed error. International Economic Review, 18(2), 435-444.
  • Mundlak, Y. (1961). Empirical production function free of management bias. Journal of Farm Economics, 43(1), 44-56.
  • Mundlak, Y., & Hoch, I. (1965). Consequences of alternative specifications in estimation of Cobb-Douglas Production Functions. Econometrica, 33(4), 814-828.
  • Nerlove, M. (1967). Recent empirical studies of the CES and related production functions. (In) Brown, M. The Theory and Empirical Analysis of Production, (55-136). NBER.
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  • Ortega, C. B., & Lederman, D. (2004). Agricultural productivity and its determinants: revisiting international experiences. Estudios de Economía, 31(2), 133-163.
  • Pablo-Romero, M. D. P., & Gómez-Calero, M. D. L. P. (2013). A Translog Production Function for the Spanish provinces: Impact of the human and physical capital in economic growth. Economic Modelling, 32, 77-87.
  • Paroush, J. (1966). The h-homogeneous production function with constant elasticity of substitution: A note. Econometrica, 34(1), 225-227.
  • Pavelescu, F. M. (2011). Some aspects of the Translog Production Function estimation. Romanian Journal of Economics, 32(1), 41.
  • Pindyck, R. S. (1979). Interfuel substitution and the industrial demand for energy: An international comparison. The Review of Economics and Statistics, 61(2), 169-179.
  • Pollak, R. A., Sickles, R. C., & Wales, T. J. (1984). The CES-Translog: Specification and estimation of a new cost function. The Review of Economics and Statistics, 66(4), 602-607.
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  • Songur, M. (2017). Türkiye’de beşeri sermaye ve fiziksel sermaye arasındaki ikame olanakları: Translog Üretim Fonksiyonu yaklaşımı. Çankırı Karatekin Üniversitesi İİBF Dergisi, (Aralık 2017 sayısında yayınlanmak üzere kabul edilmiş makale).
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  • Tzouvelekas, E. (2000). Approximation properties and estimation of the Translog Production Function with panel data. Agricultural Economics Review, 1(1), 27-41.
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  • Wickens, M. R. (1970). Estimation of the vintage Cobb-Douglas Production Function for the United States 1900-1960. The Review of Economics and Statistics, 52(2), 187-193.
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  • Zellner, A., Kmenta, J., & Dreze, J. (1966). Specification and estimation of Cobb-Douglas Production Function models. Econometrica, 34(4), 784-795.
Toplam 112 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm Sayılar
Yazarlar

Mehmet Songur

Filiz Elmas Saraç

Yayımlanma Tarihi 30 Eylül 2017
Gönderilme Tarihi 28 Ağustos 2017
Kabul Tarihi 23 Ekim 2017
Yayımlandığı Sayı Yıl 2017 Cilt: 2 Sayı: 3

Kaynak Göster

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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