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Examination of Alternative Heteroscedastic Error Structures Using Experimental Data

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  • Mjelde, James W.
  • Capps, Oral
  • Griffin, Ronald C.

Abstract

Impacts of alternative specifications for heteroscedastic error structures are examined by estimating various production functions for corn in Central Texas. Production- and profit-maximizing levels of inputs and the shape of the profit equation obtained from models not corrected for heteroscedasticity differed from those obtained from models corrected for heteroscedasticity. Using the profit-maximizing input levels for each production function gave essentially the same estimated yield and profit, regardless of the specification for heteroscedasticity employed. Differences of up to one-quarter to one-third are noted, however, in the amount of profit-maximizing levels of inputs used, depending on the heteroscedasticity correction.

Suggested Citation

  • Mjelde, James W. & Capps, Oral & Griffin, Ronald C., 1995. "Examination of Alternative Heteroscedastic Error Structures Using Experimental Data," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 27(1), pages 197-211, July.
    • Handle: RePEc:cup:jagaec:v:27:y:1995:i:01:p:197-211_01
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    References listed on IDEAS

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    1. Griffin, Ronald C. & Rister, M. Edward & Montgomery, John M. & Turner, Fred T., 1985. "Scheduling Inputs With Production Functions: Optimal Nitrogen Programs For Rice," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 17(01), pages 1-10, July.
    2. Breusch, T S & Pagan, A R, 1979. "A Simple Test for Heteroscedasticity and Random Coefficient Variation," Econometrica, Econometric Society, vol. 47(5), pages 1287-1294, September.
    3. Just, Richard E. & Pope, Rulon D., 1978. "Stochastic specification of production functions and economic implications," Journal of Econometrics, Elsevier, vol. 7(1), pages 67-86, February.
    4. Griffin, Ronald C. & Rister, M. Edward & Montgomery, John M. & Turner, Fred T., 1985. "Scheduling Inputs with Production Functions: Optimal Nitrogen Programs for Rice," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 17(1), pages 159-168, July.
    5. David L. Debertin, 1993. "An Animated Instructional Module for Teaching Production Economics With 3-D Graphics," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(2), pages 485-491.
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