Economics Asked by Witeswa18 on December 13, 2020
For a given firm, is it ever appropriate to estimate an independent production function for each output? For example, a university produces journal articles $A$ and services a number of students $S$ each semester:
$A_t = f(K_t,L_t,M_t)$
$S_t = f(K_t,L_t,M_t)$
If $A$ and $S$ had differing inputs, I would use SUR. Is there a standard approach to estimating multi-output production technologies $-$ maybe SEM? Thanks for any insight.
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