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PSEUDO DATA AS A TEACHING TOOL: APPLICATION TO THE TRANSLOG, MULTIPRODUCT PROFIT FUNCTION

Authors: Hertel, Thomas W.; McKinzie, Lance; Hertel, Thomas W.; McKinzie, Lance;

PSEUDO DATA AS A TEACHING TOOL: APPLICATION TO THE TRANSLOG, MULTIPRODUCT PROFIT FUNCTION

Abstract

This paper argues that the use of "laboratory" data sets can add substantially to the teaching of production economics at the graduate level. Optimal experimental designs for generating pseudo data from a process model are discussed. These are shown to depend of the functional form to be estimated. We choose the translog form for our multiproduct profit function and compare alternative approaches to estimation, using pseudo data from a farm-level linear programming model. Particular restrictions on this profit function are also considered. Finally, aggregation of output prices is shown to alter substantially input price elasticities of demand.

Keywords

Teaching/Communication/Extension/Profession

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average
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