Aggregate Returns to Scale: Why Measurement Is Imprecise
نویسندگان
چکیده
منابع مشابه
Aggregate Returns to Scale: Why Measurement Is Imprecise
The extent to which there are aggregate returns to scale at the level of aggregate production has important implications both for the types of shocks generating business cycles and for optimal policy. However, prior attempts to measure the extent of these returns using instrumental variable techniques have yielded quite imprecise estimates. In this article, we show that the production shocks im...
متن کاملAggregate returns to scale and embodied technical change: theory and measurement using stock market data
We develop a new general equilibrium growth accounting framework that features increasing returns to scale, imperfect competition and incorporates technological revolutions into the description of technical progress. We propose a way to tell apart revolutionary changes in technology and incremental innovations using stock market data. We use our framework to jointly estimate the overall embodie...
متن کاملMeasurement of returns to scale using non-radial DEA models
There are some specific features of the non-radial DEA (data envelopment analysis) models which cause some problems under the returns to scale measurement. In the scientific literature on DEA, some methods were suggested to deal with the returns to scale measurement in the non-radial DEA models. These methods are based on using Strong Complementary Slackness Conditions in the optimization theor...
متن کاملWhy Is It so Hard to Estimate Expected Returns?
A key part of experiment design is determining how much data to collect. When the data comes in the form of a timeseries, the sample size is expressed both by the count N of the observations and the duration T of the historical period over which observations were made. For forecasting the drift of an asset price process with continuous sample paths, it turns out that the duration is key. I demo...
متن کاملAn input-oriented radial measure for returns to scale aggregation.
In production theory, it is necessary to be capable of predicting the production func- tion’s long-run behaviors. Hereof, returns to scale is a helpful concept. Returns to scale describes the reaction of a production function to the proportionally scaling all its input variables. In this regard, Data envelopment analysis (DEA) provides a com- prehensive framework for returns to scale evaluation...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Quarterly Review
سال: 1999
ISSN: 0271-5287
DOI: 10.21034/qr.2332