Panel‐data Estimates of the Production Function and the Revenue Function: What Difference Does It Make?*
利用两个包含企业产出价格信息的面板数据样本，比较了估计收入函数与生产函数的结果，发现两者差异很小，其他设定误差可能更重要。
Abstract The lack of individual firm information on output prices is a major problem in the econometrics of production. In particular, it may be expected to account for a significant share of the large discrepancies found between the cross‐sectional and time‐series estimates of capital and scale elasticities. However, taking advantage of two panel‐data samples for which we had such information, we find that estimating the revenue function (using a nominal output measure) or the production function proper (using a real output measure) makes very little difference for our results. The biases due to other sources of specification errors are probably more important.