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Proxy Variable Estimation of Multiproduct Production FunctionsJEL codes
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DOI：10.1111/ajae.12215.png)
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摘要
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Productivity studies that use proxy variable estimators routinely specify single-output production functions despite most firms producing multiple outputs. This is usually accomplished by aggregating the firm's outputs using total revenue. Such a formulation rarely provides an adequate representation of the multiproduct firm's production: (a) it cannot identify technological cross-output trade-offs along the production possibilities frontier, and (b) it unrealistically assumes perfect output substitutability that, if misspecified, produces biased estimates. We develop a new methodology for estimating multiproduct production functions that addresses these limitations without requiring information beyond that which is available in most datasets and showcase it on Norwegian dairy-and-beef farming.
Keyword:
B‐ splines
dairy and beef
endogeneity
multiple outputs
production function
proxy variable
sieve estimation
structural identification
C14
D24
L10
Q12
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