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EnglishThis paper presents the bayesian approach to analyze small sample elasticity distributions with locally regular flexible functional forms. It is known that for a translog cost function these are t student conditional on factor shares, otherwise they are a nonlinear combination of parameters and predictive, whose distributional properties cannot be analytically derived. However a simple Monte Carlo composition method can be used to approximate moments even with inequality constraints such as monotonicity and concavity. This approach is applied to the well known Berndt-Wood data set.
| Titolo: | Appraising elasticities in small samples. A bayesian approach | |
| Autori: | ||
| Data di pubblicazione: | 1994 | |
| Abstract: | This paper presents the bayesian approach to analyze small sample elasticity distributions with locally regular flexible functional forms. It is known that for a translog cost function these are t student conditional on factor shares, otherwise they are a nonlinear combination of parameters and predictive, whose distributional properties cannot be analytically derived. However a simple Monte Carlo composition method can be used to approximate moments even with inequality constraints such as monotonicity and concavity. This approach is applied to the well known Berndt-Wood data set. | |
| Handle: | http://hdl.handle.net/11368/2843579 | |
| Appare nelle tipologie: | 7.12 Altro |
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