This essay develops a new method to diagnose inconsistency in dichotomous choice contingent valuation with follow-up questions: in particular, downward bias in the mean WTP. It is shown that the previous methods aimed to explain this inconsistency in responses have ignored statistical...

The functional specification of mean-standard deviation approach is examined under location and scale parameter condition. Firstly, the full set of restrictions imposed on the mean-standard deviation function under the location and scale parameter condition are made clear. Secondly, the...

The material contained herein is supplementary to the article named in the title and published in the American Journal of Agricultural Economics, Volume 88, Number 3, August 2006.

Little research has been conducted on evaluating out-of-sample forecasts of limited dependent variables. This study describes the large and small sample properties of two forecast evaluation techniques for limited dependent variables: receiver-operator curves and out-of-sample-log-likelihood...

The consideration in the present study is mainly conceptual. The objective is to show how Data Envelopment Analysis (DEA) can be used to reveal the true input-output relations in an industry. In the estimation of a production function it is assumed that all firms use the existing technology...

This paper provides a general theoretical and methodological framework for the estimation of the translog production function using panel data. The estimation is carried out using generalised least squares estimator (random-effects model) under different maintained hypotheses for the underlying...

This paper empirically investigates optimal intertemporal investment behaviour of farmers in Australia. The dynamic investment model is estimated using pooled crosssectional and time-series farm survey data spanning the period 1979-1993. The model captures intertemporal investment behaviour of...

Quadratic flexible forms, such as the translog and generalized Leontief, are separability inflexible. That is, separability restrictions render them inflexible with regard to separable structures. A class functional forms is proposed that is flexible with regard to general production structures...

The language of economics is the language of models. Understanding the structure of this language offers many benefits. Unfortunately, the structure is ubiquitous in implementation but absent in documentation. This paper documents the structure of models in the context of the theory reduction...

This study examines three alternative models of correcting for heteroskedasticity in wheat yield: the time trend variance, the GARCH, and an econometric model that includes the potential sources of heteroskedasticity. Nonnested test results suggest that modeling the sources of heteroskedasticity...