Testing Hypotheses of Functional Structure: Some Rules for Determining Flexibility of Restricted Production Models

Rules are proposed to help determine whether a production function maintains flexibility under parametric restrictions required to impose homogeneity, homotheticity, and forms of separability. After imposing restrictions and applying the rules, many second-order “flexible” forms are found to be more...

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Bibliographic Details
Published in:American journal of agricultural economics 1992-02, Vol.74 (1), p.100-108
Main Authors: Driscoll, Paul, Alwang, Jeff, McGuirk, Anya
Format: Article
Language:English
Subjects:
Approximation
C520
D240
Economic models
flexible functional forms
Function values
Hessian matrices
hypothesis testing
Marginal products
Mathematical independent variables
Necessary conditions
Parametric models
Production functions
Production structure
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Description
Summary:Rules are proposed to help determine whether a production function maintains flexibility under parametric restrictions required to impose homogeneity, homotheticity, and forms of separability. After imposing restrictions and applying the rules, many second-order “flexible” forms are found to be more inflexible than formerly believed.
ISSN:0002-9092
1467-8276
DOI:10.2307/1242994