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This paper proposes and estimates a globally flexible functional form for the cost function, which we call Neural Cost Function (NCF). The proposed specification imposes a priori and satisfies globally all the properties that economic theory dictates. The functional form can be estimated easily...
Persistent link: https://www.econbiz.de/10010939784
Persistent link: https://www.econbiz.de/10005338059
The output distance function is a key concept in economics. However, its empirical estimation often violates properties dictated by neoclassical production theory. In this paper, we introduce the neural distance function (NDF) which constitutes a global approximation to any arbitrary production...
Persistent link: https://www.econbiz.de/10008494825
This paper specifies an empirical framework for estimating both technical and allocative efficiency using the translog cost-share system, thus providing a solution to the issue known in the literature as the Greene problem. The model is applied to a large panel of European banks and the results...
Persistent link: https://www.econbiz.de/10008483330