Estimation and Validation of Robust Model for Productivity of Apple in UT of J&K using Cobb Douglas Method
Rizwan Yousuf
, Manish Sharma
, M.Iqbal Jeelani Bhat
, Moni Gupta
Abstract
A production function provides firms (or industries) or an entire economy's output for all possible input combinations. The Cobb Douglas (CD) production functions have been used to study the yield of apple w.r.t labour and capital as input variables. The data were influenced by high leverage points and identified through techniques like Mahanablios distance, robust MCD distance, standard robust residuals, cooks distance, studentized residual, WSSDI, hat diagonals and deleted residuals. The study attempts to estimate production function and post a reference between agricultural inputs and apple output in the Kashmir area of UT J&K.The parameters of the input variables have been estimated through robust techniques viz M estimation, MM estimation, S estimation LTS estimation and OLS after handling HLP with estimated values. Finally, Cross validation technique have been used in order to see the performance of CD production function.The estimates of the Cobb Douglas production function have been compared and observed that the influential observations have affected the size, sign and significance of the parameter(s).Among different methods Modified OLS method outperforms other methods on the basis of high R2 (0.774) minimum AIC (-411.315) and BIC (-398.043).
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