Stochastic Frontier Models

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Presentation transcript:

Stochastic Frontier Models 0 Introduction 1 Efficiency Measurement 2 Frontier Functions 3 Stochastic Frontiers 4 Production and Cost 5 Heterogeneity 6 Model Extensions 7 Panel Data 8 Applications William Greene Stern School of Business New York University

Deterministic Frontier: Programming Estimators

Estimating Inefficiency

Statistical Problems with Programming Estimators They do correspond to MLEs. The likelihood functions are “irregular” There are no known statistical properties – no estimable covariance matrix for estimators. They might be “robust,” like LAD. Noone knows for sure. Never demonstrated.

An Orthodox Frontier Model with a Statistical Basis

Extensions Cost frontiers, based on duality results: ln y = f(x) – u  ln C = g(y,w) + u’ u > 0. u’ > 0. Economies of scale and allocative inefficiency blur the relationship. Corrected and modified least squares estimators based on the deterministic frontiers are easily constructed.

Data Envelopment Analysis