The Time Augmented Cobb-Douglas Production Function
The main objective of this paper is to propose and verify a time augmentation of the Cobb-Douglas production function parameters which should be able to capture changing conditions over time. The parameters are estimated via the nonlinear least squares method. As data a time series including product...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Mendel University Press
2019-01-01
|
| Series: | Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis |
| Subjects: | |
| Online Access: | https://acta.mendelu.cz/67/5/1347/ |
| _version_ | 1818886588746170368 |
|---|---|
| author | Lenka Roubalová Lenka Viskotová |
| author_facet | Lenka Roubalová Lenka Viskotová |
| author_sort | Lenka Roubalová |
| collection | DOAJ |
| description | The main objective of this paper is to propose and verify a time augmentation of the Cobb-Douglas production function parameters which should be able to capture changing conditions over time. The parameters are estimated via the nonlinear least squares method. As data a time series including production and its sources, labour and capital, in the construction industries of six Central European countries for the period 1995–2015 is used. Our results, based on calculation of R2 and Theil’s U, prove that the models containing the time augmented parameters are better than the basic one. Also a verification of evaluated models using the economic reality for each country is given. In addition to the superiority of the time augmented models, these are applicable to distinguish the specifics of the development of productivity in individual countries. |
| first_indexed | 2024-12-19T16:23:44Z |
| format | Article |
| id | doaj.art-3c2533a7a5e9414599b7188fd18822af |
| institution | Directory Open Access Journal |
| issn | 1211-8516 2464-8310 |
| language | English |
| last_indexed | 2024-12-19T16:23:44Z |
| publishDate | 2019-01-01 |
| publisher | Mendel University Press |
| record_format | Article |
| series | Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis |
| spelling | doaj.art-3c2533a7a5e9414599b7188fd18822af2022-12-21T20:14:24ZengMendel University PressActa Universitatis Agriculturae et Silviculturae Mendelianae Brunensis1211-85162464-83102019-01-016751347135610.11118/actaun201967051347The Time Augmented Cobb-Douglas Production FunctionLenka Roubalová0Lenka Viskotová1Department of Statistics and Operation Analysis, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech RepublicDepartment of Statistics and Operation Analysis, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech RepublicThe main objective of this paper is to propose and verify a time augmentation of the Cobb-Douglas production function parameters which should be able to capture changing conditions over time. The parameters are estimated via the nonlinear least squares method. As data a time series including production and its sources, labour and capital, in the construction industries of six Central European countries for the period 1995–2015 is used. Our results, based on calculation of R2 and Theil’s U, prove that the models containing the time augmented parameters are better than the basic one. Also a verification of evaluated models using the economic reality for each country is given. In addition to the superiority of the time augmented models, these are applicable to distinguish the specifics of the development of productivity in individual countries.https://acta.mendelu.cz/67/5/1347/central European countriesCobb-Douglas production functionconstruction industrynonlinear least squaresparameters constancyproduction function |
| spellingShingle | Lenka Roubalová Lenka Viskotová The Time Augmented Cobb-Douglas Production Function Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis central European countries Cobb-Douglas production function construction industry nonlinear least squares parameters constancy production function |
| title | The Time Augmented Cobb-Douglas Production Function |
| title_full | The Time Augmented Cobb-Douglas Production Function |
| title_fullStr | The Time Augmented Cobb-Douglas Production Function |
| title_full_unstemmed | The Time Augmented Cobb-Douglas Production Function |
| title_short | The Time Augmented Cobb-Douglas Production Function |
| title_sort | time augmented cobb douglas production function |
| topic | central European countries Cobb-Douglas production function construction industry nonlinear least squares parameters constancy production function |
| url | https://acta.mendelu.cz/67/5/1347/ |
| work_keys_str_mv | AT lenkaroubalova thetimeaugmentedcobbdouglasproductionfunction AT lenkaviskotova thetimeaugmentedcobbdouglasproductionfunction AT lenkaroubalova timeaugmentedcobbdouglasproductionfunction AT lenkaviskotova timeaugmentedcobbdouglasproductionfunction |