Linkages among Estimated Technological Parameters, Production, Supply and Input Demand Elasticities for Agricultural Production Functions
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Unbiased estimates of technological parameters of an underlying production function can be obtained by first estimating a cost-share equation. From the parameter estimates of the cost share equation, it is possible to obtain all relevant elasticities, including production elasticities, own and cross input demand elasticities, the elasticity of input demand with respect to product price, and the output supply elasticities. The approach has important implications for, and represents a new way to estimate aggregate supply elasticities.