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  • Bài báo/Newspaper

  • Formulation and Estimation of Stochastic Frontier Production Models

    • Authors: Dennis Aigner (1977)

  • Previous studies of the so-called frontier production function have not utilized an adequate characterization of the disturbance term for such a model. In this paper we provide an ap propriate specification, by defining the disturbance term as the sum of symmetric normal and (negative) half-normal random variables. Various aspects of maximum-likelihood estimation for the coefficients of a production function with an additive disturbance term of this sort are then considered.
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  • The supply and demand for exports: a simultaneous approach

    • Authors: Morris Goldstein (1978)

  • The primary purpose of this study is to investigate the price responsiveness of both export demand and export supply using quarterly data on the aggregate exports of eight industrial countries for the period 1955-1970. Two relatively simple models of export demand and supply are introduced and these models are then estimated simultaneously so as to eliminate any bias arising from the two-way relationship between export quantities and export prices
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  • A Theoretical Foundation for the Gravity Equation

    • Authors: James E. Anderson (1979)

  • Probably the most successful empirical trade device of the last twenty-five years is the gravity equation. Applied to a wide variety of goods and factors moving over regional and national borders under dif fering circumstances, it usually produces a good fit
  • Bài báo/Newspaper

  • The Supply and Demand for Exports: A Simultaneous Approach

    • Authors: Morris Goldstein (1978)

  • In the relatively few cases where a supply function for exports has actually been speci fied,2 it has usually not been possible to obtain an estimate of the supply price elasticity either because the relevant structural parameters could not be recaptured from the reduced-form estimating equation, or because the structural supply equation itself did not posit a direct relationship between the quantity of exports supplied and export prices.3 For example, the recent study by Amano (1974) on the export behavior of ten industrial countries contains explicit export demand and export supply functions but the over-identified nature of that model prevents one from obtaining estimates of either the demand or the supply-price elastici ties
  • Bài báo/Newspaper

  • A Theoretical Foundation for the Gravity Equation

    • Authors: James E. Anderson (1979)

  • Probably the most successful empirical trade device of the last twenty-five years is the gravity equation. Applied to a wide variety of goods and factors moving over regional and national borders under dif fering circumstances, it usually produces a good fit. Unfortunately, as is widely recog nized, its use for policy is severely ham pered by its "unidentified" properties. Insertion into the equation of policy in struments such as border taxes has no theoretical justification; and inference about the effect of taxes from examining changes in the equation over times when taxes have changed carries no guarantee of validity
  • Bài báo/Newspaper

  • The Supply and Demand for Exports: A Simultaneous Approach

    • Authors: Morris Goldstein (1978)

  • Supply relationships have typically been handled by assumption, the usual practice being to assume that the export and import supply price elasticities facing any individual country are infinite. While the assumption of an infinite price elasticity seems reasonable a priori in the case of the world supply of imports to a single country, this assumption carries far less intuitive appeal when applied to the supply of exports of an individual country
  • Bài báo/Newspaper

  • A Theoretical Foundation for the Gravity Equation

    • Authors: James E. Anderson (1979)

  • The intent of this paper is to provide a theoretical explanation for the gravity equation applied to commodities. It uses the properties of expenditure systems with a maintained hypothesis of identical homo thetic preferences across regions. Products are differentiated by place of origin (for a justification, see Peter Isard). The gravity model constrains the pure expenditure sys tem by specifying that the share of na tional expenditure accounted for by spend ing on tradeables (openness to trade) is a stable unidentified reduced-form function of income and population.
  • Bài báo/Newspaper

  • Formulation and estimation of stochastic frontier production function models

    • Authors: Dennis Aigner (1977)

  • Previous studies of the so-called frontier production function have not utilized an adequate characterization of the disturbance term for such a model. In this paper we provide an appropriate specification, by defining the disturbance term as the sum of symmetric normal and (negative) half-normal random variables. Various aspects of maximum-likelihood estimation for the coefficients of a production function with an additive disturbance term of this sort are then considered.