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Mathematics

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The effect of public capital in state-level production functions reconsidered

Article Abstract:

Various specifications of a Cobb-Douglas production function are estimated using data from 48 contiguous states consisting of private capital stock, public capital stock and gross state product (GSP). Results support the findings of Holtz and Eakin (1994) regarding the insignificance of the coefficients of the public capital stock variable. On the other hand, the private capital stock and the GSP variables were found to be significant.

Public Finance Activities, Public Finance-Total Govt, Research, Models, Public finance, Capital stock, Gross state product

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Costs and factor substitution in the provision of local fire services

Article Abstract:

Cost and production of local fire services is studied using a translog cost model. Findings imply that the CES, Cobb-Douglas and Leontief production and cost functions do not apply to fire services production. Socio-economic factors are also shown to greatly affect fire services costs and factor substitution.

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Medicare's prospective payment system: the victim of aggregation bias?

Article Abstract:

The use of hospital cost function models in determining health care costs for individual patients is analyzed. Results reveal that there is an aggregation bias in the cost models used since hospitals have different ways of handling cost functions.

Prospective payment systems (Medical care)

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