search query: @author McElroy, M. B. / total: 2
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| Author: | McElroy, M. B. |
| Title: | Additive general error models for production, cost, and derived demand or share systems |
| Journal: | Journal of Political Economy
1987 : AUG, VOL. 95:4, p. 737-757 |
| Index terms: | OPTIMIZATION PRODUCTION COSTS |
| Language: | eng |
| Abstract: | General error models (GEMs) of producers' demand, cost and production system are proposed in which the error specification is an integral part of the optimization model. These models are the statistical embodiment of Stigler's view that apparent observed inefficiencies reflect the investigator's ignorance of the true optimization problem. Additive GEMs are proposed and interpreted. Specification tests indicate that a translog additive GEM is superior to the standard translog specification. |
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