On production function estimation with selectivity and risk considerations

Koundouri, Phoebe and Nauges, Celine (2005) On production function estimation with selectivity and risk considerations. Journal of Agricultural and Resource Economics, 30 3: 597-608.

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Author Koundouri, Phoebe
Nauges, Celine
Title On production function estimation with selectivity and risk considerations
Journal name Journal of Agricultural and Resource Economics   Check publisher's open access policy
ISSN 1068-5502
2327-8285
Publication date 2005-12-01
Sub-type Article (original research)
Open Access Status File (Publisher version)
Volume 30
Issue 3
Start page 597
End page 608
Total pages 12
Place of publication Fort Collins, CO, United States
Publisher Western Agricultural Economics Association
Language eng
Abstract In the estimation of production functions, ignoring risk considerations can cause inefficient estimates, while biased parameter estimates arise in the presence of sample selection. In the presence of uncertainty and selection bias, the latter introduced by the endogeneity of qualitative characteristics of inputs in crop choice, we show that correcting for risk considerations (a la Just and Pope, 1978, 1979) but not selection bias, can produce incorrect inferences in terms of risk behavior. The arguments raised in this study have estimation and policy implications for stochastic production analysis applied to all goods whose qualitative characteristics can affect sample selection.
Keyword Crop choice
Production risk
Sample selection
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status Non-UQ

Document type: Journal Article
Sub-type: Article (original research)
Collection: School of Economics Publications
 
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Created: Fri, 30 Sep 2011, 02:20:44 EST by Alys Hohnen on behalf of School of Economics