| Issue |
EPJ Web Conf.
Volume 224, 2019
IV International Conference “Modeling of Nonlinear Processes and Systems” (MNPS-2019)
|
|
|---|---|---|
| Article Number | 06011 | |
| Number of page(s) | 6 | |
| Section | Mathematical Models in Economics, Social Sciences, Methodology and Management | |
| DOI | https://doi.org/10.1051/epjconf/201922406011 | |
| Published online | 09 December 2019 | |
https://doi.org/10.1051/epjconf/201922406011
Verification of the Returns to Scale of Production Type for the Russian Federation Regions
1
Institute of Economics, Russian Academy of Sciences, RU-117218, Moscow, Russia
2
Federal Research Center “Computer Science and Control”, Russian Academy of Sciences, RU-119333, Moscow, Russia
* e-mail: igokir@rambler.ru
Published online: 9 December 2019
Monte-Carlo methods to asses a statistical validity of the relationship between coefficients of time series regression model were proposed. In economics such a relationship is present in the case when constant return to scale in production functions is assumed. The techniques being discussed here are virtually free from assumptions about underlying probability distributions and may be used in the case, when target variable or regressors are time series with random walk. This is achieved by comparing the regression model built on truly multivariate time series with those built on simulated time series with random walk. It has been shown that for the production functions of most Russian regions, the returns to scale significantly differs from a constant value at p<0.05.
© The Authors, published by EDP Sciences, 2019
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