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The approximation capabilities of the minflex-Laurents,translog, and generalized Leontief forms
Authors:Gary D. Thompson  Mark Langworthy  David Blough
Affiliation:(1) Department of Agricultural Economics, Economics Building #23, The University of Arizona, 85721 Tucson, AZ;(2) Battelle Northwest Labs, 99352 Richland, WA
Abstract:This paper compares the approximation capabilities of the minflex-Laurents translog and minflex generalized Leontief cost functions with their translog and generalized Leontief counterparts in Monte Carlo experiments. The minflex Laurent specifications generally provided closer approximations to underlying technical and economic parameters. Imposition of nonlinear restrictions on some of the parameters of the minflex Laurent models yielded measurable improvement in estimated elasticities of substitutions, returns to scale, and rates of technical change.The refereeing process of this paper was handled through E. Appelbaum.
Keywords:Laurent functional forms  Monte Carlo  rates of technical change
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