STUDY OF LONG-RUN RELATION BETWEEN OUTPUT AND INPUTS, SUCH AS: LABOR, CAPITAL AND ENERGY

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HOZHBAR KIANI K.; RANJBARIAN BAHRAM

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Journal: Journal of Agricultural Economics and Development Year:2001 | Volume:9 | Issue:3(35) Page(s): 39-64

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Title

STUDY OF LONG-RUN RELATION BETWEEN OUTPUT AND INPUTS, SUCH AS: LABOR, CAPITAL AND ENERGY

Author(s)

HOZHBAR KIANI K. | RANJBARIAN BAHRAM | Issue Writer Certificate

Keywords

ENERGYQ2

EFFICIENT USEQ4

POTENTICAL OUTPUTQ4

SPURIOUS REGRESSIONQ4

NON-STATIONARITYQ4

COINTEGRATIONQ4

ARDLQ4

Abstract

Labor and capital are the two factors that we use to estimate the production function and usually in the process ENERGY as an important factor is ignored. Estimates of regression coefficients would be biased and inconsistent if an important variable that is correlated with other wariables, is ignored.On the other hand, if there is no relation between a variable and other ones, inspite of it appearing unbiased and consistent, variances of coefficients should be taken with more caution. Also the study of the coefficient of different inputs, including ENERGY, would lead us to more correct decisions in economic planning.Because of the importance of the agricultural sector in Iran, in this study we estimate the long-run production function for this sector.Focusing on the defenition of production function, which explains maximum output with combination of inputs, we used potential output (instead of current production), labor and capital in full employment. Because of the special charactrisitics of the agricultural sector in Iran, we should find a specific form of function which can best fit our statistical data. After examining some types of functions like cobb-Douglas, Spillman, Transcendental, CES, Debertin and Translog, we selected Cobb-Douglas function.The important charactristic of this study over the earlier ones including an estimation of production function with or without the ENERGY factor, is that the former also adresses time series problems. In the estimation of the production function, we used the COINTEGRATION method to avoid reaching SPURIOUS REGRESSION which yields from nonstationarity of variables. Because of the weakness of the Engle-Granger, Johansen-Juselius methods, we used the ARDL method in our estimation.As a result we found that in the agricultural sector there is a long-run relation between output and inputs such as labor, capital and ENERGY.This relation satisfied convenient statistical properties. The important coefficient of ENERGY (as other coefficients) is significant and has remarkable impact on production of the agricultural sector.

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APA: Copy

HOZHBAR KIANI, K., & RANJBARIAN, BAHRAM. (2001). STUDY OF LONG-RUN RELATION BETWEEN OUTPUT AND INPUTS, SUCH AS: LABOR, CAPITAL AND ENERGY. EQTESAD-E KESHAVARZI VA TOWSE'E, 9(3(35)), 39-64. SID. https://sid.ir/paper/24271/en

Vancouver: Copy

HOZHBAR KIANI K., RANJBARIAN BAHRAM. STUDY OF LONG-RUN RELATION BETWEEN OUTPUT AND INPUTS, SUCH AS: LABOR, CAPITAL AND ENERGY. EQTESAD-E KESHAVARZI VA TOWSE'E[Internet]. 2001;9(3(35)):39-64. Available from: https://sid.ir/paper/24271/en

IEEE: Copy

K. HOZHBAR KIANI, and BAHRAM RANJBARIAN, “STUDY OF LONG-RUN RELATION BETWEEN OUTPUT AND INPUTS, SUCH AS: LABOR, CAPITAL AND ENERGY,” EQTESAD-E KESHAVARZI VA TOWSE'E, vol. 9, no. 3(35), pp. 39–64, 2001, [Online]. Available: https://sid.ir/paper/24271/en

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