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  1. Permutation tests on returns to scale and common production frontiers in nonparametric models
    Author: Rønn-Nielsen, Anders; Kronborg, Dorte; Asmild, Mette
    Published: August 2022
    Publisher:  Department of Food and Resource Economics (IFRO), University of Copenhagen, Frederiksberg, Denmark

    Permutation techniques, where one recompute the test statistic over permutations of data, have a long history in statistics and have become increasingly useful as the availability of computational power has increased. Until now, no permutation tests... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 664
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    Permutation techniques, where one recompute the test statistic over permutations of data, have a long history in statistics and have become increasingly useful as the availability of computational power has increased. Until now, no permutation tests for examining returns to scale assumptions, nor for test of common production possibility sets, when analysing productivity have been available. We develop three novel tests based on permutations of the observations. The first is a test for constant returns to scale. The other two are, respectively, tests for frontier differences and for whether the production possibility sets are nested. All tests are based on data envelopment analysis (DEA) estimates of efficiencies and are easily implementable. We show that our suggested permutations of the observations satisfy the necessary randomisation assumptions, and hereby that the sizes of the proposed tests are controlled. The advantages of permutation tests are that they are reliable even for relatively small samples and their size can generally be controlled upwards. We further add a lower bound showing that the proposed tests are very close to being exact. Finally, we show that our tests are consistent and illustrate the rate of convergence in simulation studies.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/263136
    Series: IFRO working paper ; 2022, 05
    Subjects: Permutation tests; Returns to scale; Comparison of production frontiers; Dataenvelopment analysis (DEA); Size; Consistency
    Scope: 1 Online-Ressource (circa 38 Seiten)
  2. Business cycles with cyclical returns to scale
    Author: Hyun, Jay; Kim, Ryan; Lee, Byoungchan
    Published: June 2022
    Publisher:  The Institute of Social and Economic Research, Osaka University, Osaka, Japan

    We study business cycles with cyclical returns to scale. Contrary to tightly parameterized production functions (Cobb-Douglas and Constant Elasticity of Substitution), we empirically identify strong input complementarity that leads to procyclical... more

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    DS 198
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    We study business cycles with cyclical returns to scale. Contrary to tightly parameterized production functions (Cobb-Douglas and Constant Elasticity of Substitution), we empirically identify strong input complementarity that leads to procyclical returns to scale. We therefore propose a flexible translog production function that allows complementarity-induced procyclical returns to scale, and we integrate this function into a standard medium-scale dynamic stochastic general equilibrium (DSGE) model. The estimated model with the procyclical returns to scale (i) features procyclical price markups, (ii) better matches the cyclicality of factor shares, and (iii) decreases by nearly half the contribution of markup shocks to output fluctuations.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/267790
    Series: Discussion paper / The Institute of Social and Economic Research ; no. 1178
    Subjects: Business cycles; Translog production function; DSGE model; Returns to scale; Markup; Markup shocks
    Scope: 1 Online-Ressource (circa 65 Seiten), Illustrationen