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HK Online Trade Seminar Series – “Estimating Production Functions in Differentiated-Product Industries with Quantity Information and External Instruments” by Eric Verhoogen
11Nov
Economics

HK Online Trade Seminar Series – “Estimating Production Functions in Differentiated-Product Industries with Quantity Information and External Instruments” by Eric Verhoogen

Wednesday, November 11, 2020 | 5:00 p.m. – 6:15 p.m.
online seminar
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Speaker:
Eric Verhoogen,
Columbia University
Abstract:

This paper develops a new method for estimating production-function parameters that can be applied in differentiated-product industries with endogenous quality and variety choice. We take advantage of data on physical quantities of outputs and inputs from the Colombian manufacturing census, focusing on producers of rubber and plastic products. Assuming constant elasticities of substitution of outputs and inputs within firms, we aggregate from the firm-product to the firm level and show how quality and variety choices may bias standard estimates. Using real exchange rates and the national minimum wage, we construct external instruments for materials and labor choices. In the spirit of established panel-data approaches, we implement a simple two-step instrumental-variables method, first estimating the materials and labor coefficients in a difference equation and then estimating the capital coefficient in a levels equation. Our estimates differ from those of existing methods and our preferred productivity estimate performs relatively well in predicting future export performance.

 

This is a joint seminar organized by HKU, CUHK, City U, HKUST and Lingnan U.

Please contact Xiameng PAN at xmpan@connect.hku.hk for registration.

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Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
18Jun
Economics | Seminar
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
18 June 2025 | 2:15 PM - 3:30 PM
KK 910 K. K. Leung Building, HKU
Prof. Katsumi Shimotsu
About Speaker
Eric Verhoogen

Columbia University

HK Online Trade Seminar Series – “Estimating Production Functions in Differentiated-Product Industries with Quantity Information and External Instruments” by Eric Verhoogen
Wednesday, November 11, 20205:00 p.m. – 6:15 p.m.
online seminar
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