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The definition of the variables observed for the period was: The error is assumed as white noise.
In this case, exonometria price is weighted by a factor which measures the power of monopoly of the representative enterprise, whose estimation is found in the pioneer work of Bresnahan Given the characteristics of the estimated model, the variables were incorporated in their logarithm transformation.
Thus, we see johntson the total cost function, issuing from a Cobb-Douglas meotdos, can be expressed as:. Estimation of the econometric model The estimated model considered controlling the autocorrelation of the residues and the presence of unit root in the variables considered.
Given the results of the estimation Table 3 a model was configured to try to simulate the long term behavior of the average cost of production of pork meat, to discuss aspects related to the competitiveness of the industry.
Given the above results, the industry presents economies of scale, since the variation of the costs as regards production is estimated as 0.
Métodos de econometría – John Johnston – Google Books
This amount is comparable to that reported by MacDonald and Ollingerand in the case of the United States was of 0. Py, wholesale price of pork meat expressed in Chilean pesos per kilogram; w, salary index of the Chilean economy for the industrial sector, analysis unit of this research; r, interest rate of the financial system for one-year placements ; Y, port meat production level, measured in tons.
Given the above results, the industry presents economies of scale, since the variation of the costs as regards production is estimated as 0. The estimated model considered controlling the autocorrelation of the residues and the presence of unit root in the variables considered.
The structural element that sustains concentration and expansion of the production is the presence of increasing returns to scale in the production process. Cost economies and market power: The error is assumed as white noise. In this sense, it is fundamental to know the sign of this exponent. Statistical characteristics of the series employed.
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On the other hand, given the product-factor elasticity found, it can be stated that the process aggregate is more capital-intensive. Market structure, scale economies and industry performance. To fundament these results, a contrast was effected upon a linear combination of the estimated coefficients, to validate that the sum of the interest rate coefficient The identification and econometric estimation of economies of scale has been done using a trans-logarithmic costs function over panel data, linking size of the plant and variables related to technology, which emphasis on the cost elasticity at the level of primary production, such as happens in MacDonald and Ollinger and Ollinger et al.
Scale economies and consolidation in hog slaughter. Before the estimation was done, the variables were characterized from the statistical point of view and the hypothesis of normality of the same was assessed by means of the Jarque-Bera statistics Pindyck and Rubinfeld, The structural element that sustains concentration and expansion of the production is the presence of increasing returns to scale in the production process.
The pork meat industry in Chile exhibits significant rates of production growth, with a decreasing trend in the wholesale market price and growing levels of concentration of the supply in a reduced number of companies.
Maximization of benefits in imperfect competition.
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Now, we can state that the market price of pork meat Py is equal to the marginal cost CMga condition of the first order for the maximization of the benefit. The effects of U. This result suggests that the variables of the model co-integrate, that is to say, there is a long term balance relationship among them. Statistical characteristics of the series employed.
This is the fundament to set out the following assumptions. This fact is also reported for the case of the pork meat market in the United States Morrison, The residue resulting from this estimation showed a Jarque-Bera statistic of 1.
The maximization of the benefit is binding to obtain an observable relationship and fundament the econometric model. This factor alters the median price level to be observed in the industry, but not the estimation of the exponents of the function.
To this end, a t test is applied, allowing to prove H o: