PRODUCTION FUNCTION ESTIMATION WITH UNOBSERVED INPUT PRICE DISPERSION
提出一种在中间投入数量不可观测但存在投入价格差异时，能一致估计生产函数的方法，发现传统用支出平减代理投入量的做法会带来严重偏误，而新方法通过企业利润最大化一阶条件控制异质性价格，并揭示出比传统代理方法更宽的生产率离散度。
We propose a method to consistently estimate production functions in the presence of input price dispersion when intermediate input quantities are not observed. We find that the traditional approach to dealing with unobserved input quantities—using deflated expenditure as a proxy—substantially biases the production estimates. In contrast, our method controls for heterogeneous input prices by exploiting the first‐order conditions of the firm's profit maximization problem and consistently recovers the production function parameters. Using our preferred method, we provide empirical evidence of significant input price dispersion and even wider productivity dispersion than is estimated using proxy methods.