HETEROSCEDASTICITY OR PRODUCTION RISK? A SYNTHETIC VIEW
综述了生产风险与随机前沿分析两派文献，指出异方差性概念可用来综合它们，但区分产出波动的不同来源是主要挑战。
Abstract Two veins of literature, namely, production risk literature and stochastic frontier analysis, are examined. Both fields are concerned of output variation; the former due to exogenous shocks, the latter due inefficiency. By covering the literature from both the fields, this review suggests that the concept of heteroscedasticity can be utilized to build a synthesis between these mainly separate branches of literature. However, the synthetic approach brings a challenge how to differentiate between different sources of output variation. This challenge is identified as the main obstacle to meaningfully combine the two approaches.