Production Function and Product and Labor Market Imperfections in Slovenia: An Industry-Level Panel Approach
Year: 2018
Type: article
Abstract: Following recent advances in the panel time-series data analysis, this paper estimates the aggregate production function for Slovenia using industry-level data, thus allowing for variable non-stationarity, cross-industry heterogeneity and dependence.The production function parameter estimates are then used to calculate the joint (product and labor) market imperfections parameter developed by Dobbelaere and Mairesse (2013).The results illustrate that: 1) a constant return-to-scale assumption can be imposed on the aggregate production function, 2) industry-level output elasticities with respect to inputs are heterogenous, 3) the joint market imperfections parameter indicates that, on average, Slovenia´s producers´ output markets can be characterized as imperfect, and 4) the labor markets features the ˝efficient-bargaining˝ labor model characteristics.
Source: Economics & Sociology
Author: Silvo Dajcman
Institution: University of Maribor
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W2895969391