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STATISTICAL METHOD OF PRODUCTION FUNCTIONS AGGREGATION
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STATISTICAL METHOD OF PRODUCTION FUNCTIONS AGGREGATION
Annotation
PII
S042473880000616-6-1
Publication type
Article
Status
Published
Authors
Mikhail Grebnev  Dmitry Shultz
Edition
Volume 52 Issue 2
Pages
112-128
Abstract
The article discusses the aggregation of production functions (PF). It is shown that consistent aggregation of PF is possible only in very special cases. A statistical aggregation method is suggested. It allows to synthesize new kinds of macroeconomic PF. Macroeconomic PF for the US economy based on industrial Cobb-Douglas PF with a normal distribution parameters is constructed and investigated. For the Russian economy the aggregate PF obtained on the basis of sectoral and regional Cobb-Douglas PF. It is shown that in case of scarcity of statistical data the more correct estimations of the aggregate PF for Russia may be derived using regional PF.
Keywords
production function, consistent aggregation, statistical approach
Date of publication
01.04.2016
Number of purchasers
1
Views
902
Readers community rating
0.0 (0 votes)
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