Just-Pope production functions have been traditionally estimated by feasible generalized least squares (FGLS). This paper investigates the small-sample properties of FGLS and maximum likelihood (ML) estimators in heteroscedastic error models. Monte Carlo experiment results show that in small...

Curvature properties of the indirect utility function are shown to be necessary and sufficient for refutable behavioural postulates in the form of comparative static results, reciprocity relations, and restrictions on output and input responses for firm models under risk. These postulates are...

The innovation adoption literature has focused primarily on a producer's decision of whether and how much to adopt. An equally pertinent question is when to adopt, because in the case of new technologies it often 'pays to wait' for more information. We propose a double-limit hurdle model to...

Using the Heckamn approach, either in single-equation or multi-equation settings, general expressions are derived for calculating marginal effects and elasticities. In the conventional calculation of marginal effects, terms related to the change in the inverse of Mills ratio are omitted. Using...