Northwestern Events Calendar


Seminar in Econometrics

When: Tuesday, April 16, 2024
4:00 PM - 5:30 PM CT

Where: Kellogg Global Hub, 1410, 2211 Campus Drive, Evanston, IL 60208 map it

Audience: Faculty/Staff - Student - Post Docs/Docs - Graduate Students

Contact: Kayla Johnson  

Group: Department of Economics: Seminar in Econometrics

Category: Academic


Aureo de Paula (UCL): Estimating Production Functions with Expectations Data


Standard methods for estimating production functions in the Olley and Pakes (1996) tradition require assumptions on input choices. We introduce a new method that exploits expectations data, which is increasingly available, and allows us to relax these input demand assumptions to obtain consistent production function parameter estimates. In contrast to dynamic panel data methods, our proposed estimator can be implemented on very short panels (including a single cross-section), and Monte Carlo simulations show it outperforms alternative estimators when firms' material and/or investment choices are subject to optimization error. We also implement our estimation strategy on UK data.

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