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A Variance Formula for Marginal Productivity Estimates using the Cobb-Douglas Function

H. O. Carter and H. O. Hartley
Econometrica
Vol. 26, No. 2 (Apr., 1958), pp. 306-313
Published by: The Econometric Society
DOI: 10.2307/1907592
Stable URL: http://www.jstor.org/stable/1907592
Page Count: 8
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A Variance Formula for Marginal Productivity Estimates using the Cobb-Douglas Function
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Abstract

In this note we are concerned with a technical point concerning the Cobb-Douglasfunction fitted to productivity data. We derive a new variance formula for the estimated marginal productivity. This formula is based on assumptions which we consider to be more realistic than those underlying the variance formula in current use which may lead to sizeable errors in estimation.

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