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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/26449
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| Title: | | Generalized quadratic revenue functions  |
| Authors: | | Chambers, Robert G. Färe, Rolf Grosskopf, Shawna |
| Issue Date: | | 2008 |
| Series/Report no.: | | CESifo working paper 2404 |
| Abstract: | | In this paper we focus on specification of revenue functions in their dual price space. We consider two distance functions, both dual to the revenue function: Shephard output distance function and the directional output distance function, both in price space. The former is multiplicative, satisfying homogeneity, the latter is additive satisfying transitivity. Functional equation methods yield translog specification for the Shephard case and quadratic for the directional case. Monte Carlo evidence suggests that the quadratic specification more precisely represents technology. |
| JEL: | | D24 C63 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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