Download e-book for iPad: Nonparametric econometrics by Adrian Pagan, Aman Ullah

By Adrian Pagan, Aman Ullah

ISBN-10: 0521355648

ISBN-13: 9780521355643

ISBN-10: 0521586119

ISBN-13: 9780521586115

ISBN-10: 3335966678

ISBN-13: 9783335966678

ISBN-10: 6675033336

ISBN-13: 9786675033338

This booklet systematically and carefully covers an unlimited literature at the nonparametric and semiparametric statistics and econometrics that has advanced during the last 5 a long time. inside this framework, this is often the 1st publication to debate the foundations of the nonparametric method of the themes lined in a primary 12 months graduate direction in econometrics, e.g., regression functionality, heteroskedasticity, simultaneous equations versions, logit-probit and censored versions. Professors Pagan and Ullah supply intuitive reasons of adverse recommendations, heuristic advancements of thought, and empirical examples emphasizing the usefulness of recent nonparametric strategy. The booklet may still supply a brand new standpoint on educating and learn in utilized topics ordinarily and econometrics and facts particularly

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Sample text

What Diewert showed, in effect, was that the translog specification of the production function served as a potential function for the discrete Tornqvist index in the same way that the continuous production function served as a potential function for the continuous Divisia index. One important consequence of this result is that the index number approach of the Solow residual is not entirely nonparametric. There is a parametric production function underlying the method of approximation if the discretetime index is to be an exact measure of Hicksian efficiency.

Only deviations from the exponential path can be identified. Finally, it is well to remember that the residual can only measure the costless part of innovation, embodied or otherwise. Total Factor Productivity 31 thus gives the appearance of technical regress even though progress has occurred. These considerations can be parameterized and embedded into the standard TFP model by introducing a simple type of quality ladder (Hulten 1996, 2000). Suppose that product-oriented technical change proceeds at a rate ␪ (essentially the marginal rate of substitution between old goods and new goods of superior quality), and the cost of achieving this rate of quality change is ␮␪.

Economy A now invests half its workforce in research and is able to quadruple the output of the remaining 50 workers. Output and TFP thus double. In economy B, on the other hand, the 50 are diverted to research and manage to invent a new good that is four times as desirable (that is, inhabitants of B gladly exchange four units of the old output for one unit of new), but only 50 units of physical output are produced. Physical output and TFP fall by half in B, even though innovation has made the inhabitants of B as well off as those in A.

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Nonparametric econometrics by Adrian Pagan, Aman Ullah

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