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Confidence Intervals for Elasticities and Flexibilities

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  • Dorfman, Jeffrey H.
  • Kling, Catherine L.
  • Sexton, Richard J.

Abstract

This paper examines methods for constructing confidence intervals around elasticity and flexibility point estimates, including three bootstrap-based appipaches, a Taylor's series approximatioq, and approaches proposed by Fieller and Scheffe. Results show that all methods except Scheffe's worked reasonably well, but the Fieller and Taylor's series methods outperformed the bootstrapped-generated intervals.

Suggested Citation

  • Dorfman, Jeffrey H. & Kling, Catherine L. & Sexton, Richard J., 1990. "Confidence Intervals for Elasticities and Flexibilities," 1990 Annual meeting, August 5-8, Vancouver, Canada 270866, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea90:270866
    DOI: 10.22004/ag.econ.270866
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    References listed on IDEAS

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    1. Stephen E. Miller & Oral Capps & Gary J. Wells, 1984. "Confidence Intervals for Elasticities and Flexibilities from Linear Equations," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(3), pages 392-396.
    2. Waugh, Frederick V., 1964. "Demand and Price Analysis: Some Examples from Agriculture," Technical Bulletins 171213, United States Department of Agriculture, Economic Research Service.
    3. Toevs, Alden L., 1982. "Approximate variance formulas for the elasticities of substitution obtained from translog cost functions," Economics Letters, Elsevier, vol. 10(1-2), pages 107-113.
    4. Anderson, Richard G & Thursby, Jerry G, 1986. "Confidence Intervals for Elasticity Estimators in Translog Models," The Review of Economics and Statistics, MIT Press, vol. 68(4), pages 647-656, November.
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