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Walter Sosa-Escudero
Econ 507. Econometric Analysis. Spring 2009
Walter Sosa-Escudero
Walter Sosa-Escudero
Walter Sosa-Escudero
Cost function:
1/r /r /r /r
1
1
2
3
ln Qi +
ln p1i +
ln p2i +
ln p3i ,
r
r
r
r
i ln [r (11 22 33 )]
The linear econometric model is:
ln T C1 = 1 + 2 ln Qi + 3 ln p1i + 4 ln p2i + 5 ln p3i + i
with
2 = 1/r, 3 = 1 /r, 4 = 2 /r, 5 = 4 /r.
E(i ), i i , so E(i ) = 0.
Walter Sosa-Escudero
Walter Sosa-Escudero
Walter Sosa-Escudero
Unrestricted model:
Estimate Std. Error t value Pr(>|t|)
(Intercept) -3.56651
1.77938 -2.004
0.047 *
lq
0.72091
0.01743 41.352 < 2e-16 ***
lpl
0.45596
0.29980
1.521
0.131
lpf
0.42581
0.10032
4.244 3.97e-05 ***
lpk
-0.21515
0.33983 -0.633
0.528
--Signif. codes: 0 *** 0.001 ** 0.01 * 0.05 . 0.1
1
Residual standard error: 0.3923 on 140 degrees of freedom
Multiple R-squared: 0.926,
Adjusted R-squared: 0.9239
F-statistic: 437.9 on 4 and 140 DF, p-value: < 2.2e-16
Walter Sosa-Escudero
Restricted model:
Estimate Std. Error t value Pr(>|t|)
(Intercept) -4.63607
0.89499 -5.180 7.52e-07
lq
0.72134
0.01739 41.477 < 2e-16
lpln
0.60647
0.20724
2.926
0.004
lpfn
0.41437
0.09878
4.195 4.81e-05
--Signif. codes: 0 *** 0.001 ** 0.01 * 0.05 . 0.1
***
***
**
***
1
Walter Sosa-Escudero
Walter Sosa-Escudero
Walter Sosa-Escudero
Walter Sosa-Escudero
Walter Sosa-Escudero
FWLT Fit
Walter Sosa-Escudero
Residuals
Walter Sosa-Escudero
Walter Sosa-Escudero
Walter Sosa-Escudero