Olley and Pakes‐style Production Function Estimators with Firm Fixed Effects

Kurzanzeige
dc.contributor.authorLee, Yoonseok
dc.contributor.authorStoyanov, Andrey
dc.contributor.authorZubanov, Nick
dc.date.accessioned2018-09-19T12:01:12Z
dc.date.available2018-09-19T12:01:12Z
dc.date.issued2019-02
dc.description.abstractWe show that control function estimators (CFEs) of the firm production function, such as Olley–Pakes, may be biased when productivity evolves with a firm‐specific intercept, in which case the correctly specified control function will contain a firm‐specific term, omitted in the standard CFEs. We develop an estimator that is free from this bias by introducing firm fixed effects in the control function. Applying our estimator to the data, we find that it outperforms the existing CFEs in terms of capturing persistent unobserved heterogeneity in firm productivity. Our estimator involves minimal modification to the standard CFE procedures and can be easily implemented using common statistical software.eng
dc.description.versionpublishedeng
dc.identifier.doi10.1111/obes.12259eng
dc.identifier.ppn1698340516
dc.identifier.urihttps://kops.uni-konstanz.de/handle/123456789/43321
dc.language.isoengeng
dc.rightsterms-of-use
dc.rights.urihttps://rightsstatements.org/page/InC/1.0/
dc.subjectproduction function estimators, firm fixed effectseng
dc.subject.ddc330eng
dc.subject.jelC23, D24
dc.titleOlley and Pakes‐style Production Function Estimators with Firm Fixed Effectseng
dc.typeJOURNAL_ARTICLEeng
dspace.entity.typePublication
kops.citation.bibtex
@article{Lee2019-02Olley-43321,
  year={2019},
  doi={10.1111/obes.12259},
  title={Olley and Pakes‐style Production Function Estimators with Firm Fixed Effects},
  number={1},
  volume={81},
  issn={0305-9049},
  journal={Oxford Bulletin of Economics and Statistics},
  pages={79--97},
  author={Lee, Yoonseok and Stoyanov, Andrey and Zubanov, Nick}
}
kops.citation.iso690LEE, Yoonseok, Andrey STOYANOV, Nick ZUBANOV, 2019. Olley and Pakes‐style Production Function Estimators with Firm Fixed Effects. In: Oxford Bulletin of Economics and Statistics. 2019, 81(1), pp. 79-97. ISSN 0305-9049. eISSN 1468-0084. Available under: doi: 10.1111/obes.12259deu
kops.citation.iso690LEE, Yoonseok, Andrey STOYANOV, Nick ZUBANOV, 2019. Olley and Pakes‐style Production Function Estimators with Firm Fixed Effects. In: Oxford Bulletin of Economics and Statistics. 2019, 81(1), pp. 79-97. ISSN 0305-9049. eISSN 1468-0084. Available under: doi: 10.1111/obes.12259eng
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