000225711 001__ 225711 000225711 005__ 20180123002641.0 000225711 037__ $$a1570-2016-133595 000225711 041__ $$aen_US 000225711 245__ $$aFORMULATING AND ESTIMATING DYNAMIC STOCHASTIC PRODUCTION MODELS 000225711 260__ $$c1983-10 000225711 269__ $$a1983-10 000225711 300__ $$a35 000225711 336__ $$aWorking or Discussion Paper 000225711 490__ $$a83-8 000225711 520__ $$aBoth the dynamic and stochastic aspects of economic life are increasingly being recognized and incorporated in current analytics. In this paper we examine these aspects in production models, with the aim of achieving the following goals: (i) Unifying the various existing efforts into one more general analytic framework; (ii) Evaluating the tractability of the two dominant functional forms in the presence of dynamics and uncertainty; (iii) Exhaustively analyzing the estimation issues of the general form in stochastic multiperiod and multistage problems with observable and unobservable intermediate outputs; (iv) Determining the conditions under which production function and factor demand estimation is separable, i.e., when knowledge of the production process is not required for efficient factor demand estimation, and vice-versa; (v) Examining the existence of analytic factor demands in the general dynamic stochastic model; and finally, (vi) Providing alternative conditions that lead to an assortment of tractable, estimable models for empirical use. We are encouraged by the conclusion that, subject to avoiding certain pitfalls, the general production model can be extended to include both multiple periods and uncertainty, with increased empirical relevance. 000225711 542__ $$fLicense granted by Deanna Kanne (kanne053@umn.edu) on 2015-12-04T15:51:19Z (GMT): <center> <h2> Deposit Agreement </h2> </center> I represent that I am the creator of the digital material identified herein (“Work”). I represent that the work is original and that I either own all rights of copyright or have the right to deposit the copy in a digital archive such as AgEcon Search. I represent that in regard to any non-original material included in the Work I have secured written permission of the copyright owner (s) for this use or believe this use is allowed by law. I further represent that I have included all appropriate credits and attributions. I hereby grant the Regents of the University of Minnesota (“University”), through AgEcon Search, a non-exclusive right to access, reproduce, and distribute the Work, in whole or in part, for the purposes of security, preservation, and perpetual access. I grant the University a limited, non-exclusive right to make derivative works for the purpose of migrating the Work to other media or formats in order to preserve access to the Work. I do not transfer or intend to transfer any right of copyright or other intellectual property to the University. If the Deposit Agreement is executed by the Author�s Representative, the Representative shall separately execute the following representation: I represent that I am authorized by the Author to execute this Deposit Agreement on behalf of the Author. 000225711 650__ $$aProduction Economics 000225711 700__ $$aAntle, John M. 000225711 700__ $$aHavenner, Arthur 000225711 8564_ $$s1144837$$uhttp://ageconsearch.umn.edu/record/225711/files/agecon-ucdavis-83-8.pdf 000225711 887__ $$ahttp://purl.umn.edu/225711 000225711 909CO $$ooai:ageconsearch.umn.edu:225711$$pGLOBAL_SET 000225711 912__ $$nSubmitted by Deanna Kanne (kanne053@umn.edu) on 2015-12-04T15:53:05Z No. of bitstreams: 1 agecon-ucdavis-83-8.pdf: 1144837 bytes, checksum: 4ed6ac52cb156d420126c5f330a61e22 (MD5) 000225711 912__ $$nMade available in DSpace on 2015-12-04T15:53:05Z (GMT). No. of bitstreams: 1 agecon-ucdavis-83-8.pdf: 1144837 bytes, checksum: 4ed6ac52cb156d420126c5f330a61e22 (MD5) Previous issue date: 1983-10 000225711 982__ $$gUniversity of California, Davis>Department of Agricultural and Resource Economics>Working Papers 000225711 980__ $$a1570