Technology trends in econometric energy models: Ignorance or information
Description:
Simple time trend variables in factor demand models can be statistically powerful variables, but may tell the researcher very little. Even more complex specification of technical change, e.g. factor biased, are still the economentrician's measure of ignorance'' about the shifts that occur in the underlying production process. Furthermore, in periods of rapid technology change the parameters based on time trends may be too large for long run forecasting. When there is clearly identifiable engine…
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Date:
January 1, 1991
Creator:
Boyd, G.; Kokkelenberg, E. & Ross, M.
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Partner:
UNT Libraries Government Documents Department