| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3567 |
| 来源ID | Working Paper 3567 |
| Quality Adjusted Cost Functions | |
| Paul J. Gertler; Donald M. Waldman | |
| 发表日期 | 1990-12-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | We propose a simple method for estimating cost functions in the presence of endogenous and unobserved quality. The theory of production, the equilibrium conditions implied by optimizing behavior, and exogenous influences on product demand are used to identify the model. An important advantage of the method is that the data requirements, above those necessary for standard cost function estimation, are minimal and the data are usually readily available. Specifically, exogenous information that influences the demand for the firm's product is required. We apply this method to estimate quality-adjusted cost functions in the nursing home industry. Estimation of a translog cost function that ignores quality yields seriously misleading estimates of marginal cost and economies of scale. In particular, while estimation of a quality-exogenous cost function reports economies of scale, estimation of a quality adjusted cost function reveals diseconomies of scale for high quality homes, constant returns to scale for average quality homes, and economies of scale for low quality homes. |
| 主题 | Public Economics |
| URL | https://www.nber.org/papers/w3567 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560843 |
| 推荐引用方式 GB/T 7714 | Paul J. Gertler,Donald M. Waldman. Quality Adjusted Cost Functions. 1990. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3567.pdf（266KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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