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Table 6. Estimation of Translog Cost Functions

1950-1991

Parameter Estimate Standard Error
aO 0.6527 1.5874
aL* 0.5582 0.1293
aK* 0.1947 0.0920
aS -0.0408 0.2648
aT -0.0706 0.0473
aY 1.4366 0.2963
aLL 0.1166 0.0061
aKK 0.0727 0.0013
aTT -0.0006 0.0003
aYY -0.0109 0.0077
aYL -0.0396 0.0045
aYK -0.0667 0.0034
aYT 0.0036 0.0013
aYS -0.0809 0.0500
aLK -0.0398 0.0016
aLT -0.0014 0.0005
aLS -0.0084 0.02113
aKT 0.0020 0.0004
aKS 0.04156 0.01523
aST 0.0106 0.0076
     

Equation Standard Error R2 D-W
Labor-Material 0.0107 0.990 1.96
Capital-Material 0.1019 0.992 1.86
Cost Function 0.0344 0.999 1.59

Log of Likelihood 12531

* 35 industrial dummies


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