Management bias and returns to scale in a Cobb-Douglas production function for agriculture
重新审视农业柯布-道格拉斯生产函数的设定与估计，通过引入管理投入虚拟变量并假设预期利润最大化，得到无偏一致的参数估计，发现边际生产率和规模报酬均低于传统截面估计。
The purpose of this paper is to reconsider the specification and estimation of agricultural production functions. By assuming a criterion of expected profit maximization and incorporating a management input into the function using dummy variables, least squares estimates of the parameters of the production function are unbiased and consistent. Functions are estimated for four years of annual Farm Management Survey data for the North-West of England. Results presented reveal both reduced marginal productivity estimates and returns-to-scale compared with conventional cross-section estimates.