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A profit function approach to measuring productivity growth: The case of U.S. manufacturing

✍ Scribed by Subhash C. Ray; Kathleen Segerson

Publisher
Springer
Year
1990
Tongue
English
Weight
695 KB
Volume
2
Category
Article
ISSN
0895-562X

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✦ Synopsis

This article proposes a method of estimating productivity growth using an estimated profit function. The approach has the advantage of incorporating endogenous changes in profit-maximizing output levels that would result from productivity changes. As with the cost function, it can be easily adapted to accomodate the presence of quasi-fixed factors. The article first develops the methodology and shows the equivalence between the proposed measure and other measures of productivity based on cost or production functions. An empirical application to the measurement of productivity changes in the U.S. manufacturing industry is presented next. The profit-function measure is compared to a nonparametric measure based on the same data and to the results of other studies of U.S. manufacturing.

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