Scandinavian Working Papers in Economics

Discussion Papers,
Norwegian School of Economics, Department of Business and Management Science

No 2012/14: Technological Change in Renewable Resource Industries: An Alternative Estimation Approach

Sturla F. Kvamsdal ()
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Sturla F. Kvamsdal: Dept. of Finance and Management Science, Norwegian School of Economics and Business Administration, Postal: NHH , Department of Finance and Management Science, Helleveien 30, N-5045 Bergen, Norway

Abstract: I set forth a generalized stochastic time trend approach, based upon the Kalman filter, as an alternative to the general index approach to measure technological change. Technology is treated as a latent variable in a state-space model of the production function. In data sparse settings, where panel data are unavailable, the method provides results which encompass insights from the general index approach, but provides more detailed estimates. I revisit an analysis of technological change in the Lofoten fishery. The estimated technology time profiles agree to some extent between the methods, but my more detailed results demand a new historical interpretation.

Keywords: Renewable Resource Industries; Kalman Filter; Technological Change

JEL-codes: C22; O33; Q22

26 pages, December 21, 2012

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