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The Interpretation and Estimation of Cobb-Douglas Functions

Arthur S. Goldberger
Econometrica
Vol. 36, No. 3/4 (Jul. - Oct., 1968), pp. 464-472
Published by: The Econometric Society
DOI: 10.2307/1909517
Stable URL: http://www.jstor.org/stable/1909517
Page Count: 9
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The Interpretation and Estimation of Cobb-Douglas Functions
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Abstract

For empirical implementation of the Cobb-Douglas function, it is customary to append a multiplicative lognormal disturbance and fit a linear regression in the logarithmic variables. When this is done, attention is shifted (apparently unwittingly) to the conditional median from the conditional mean which is ordinarily the prime target of study. The customary procedure may be modified to provide minimum variance unbiased estimation of the conditional median or conditional mean.

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