Correcting for biases when estimating production functions: an illusion of the laws of algebra?
指出，使用价值数据估计生产函数时出现的内生性偏差，实际上是会计恒等式近似不当导致的遗漏变量偏差，无法通过计量方法解决，只能使用物理量来估计技术参数。
This paper shows that the endogeneity bias that allegedly appears when estimating production functions using value data, and which the literature has tried to deal with since the 1940s, is simply the result of omitted-variable bias due to a poor approximation to an accounting identity. This problem has no econometric solution. As a result, recent attempts to solve the problem by developing new estimators are questioned. The only possible way to estimate the technological parameters of the production function is to use physical quantities.