Summarize Estimation of a CES Function

Description

summary method for objects of class cesEst.

Usage

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## S3 method for class 'cesEst'
summary( object, rSquaredLog = object$multErr, ela = TRUE, ... )
## S3 method for class 'summary.cesEst'
print( x, ela = TRUE, digits = max(3, getOption("digits") - 3),
   ... )

Arguments

object

an object returned by cesEst.

rSquaredLog

logical. If FALSE (the default for models with additive error term), the returned R^2-value measures the fraction of the explained variance of the dependent variable in natural units. If TRUE (the default for models with multiplicative error term), the returned R^2-value measures the fraction of the explained variance of the logarithmized dependent variable.

ela

logical. If TRUE (the default), the summary method calculates the (co)variances of the constant elasticities of substitution and the print method prints these elasticities together with corresponding summary statistics. If FALSE, the summary method does not calculate the (co)variances of the constant elasticities of substitution and the print method does not print these elasticities.

x

an object returned by summary.cesEst.

digits

number of digits.

...

further arguments are currently ignored.

Value

summary.cesEst returns a list of class summary.cesEst that contains the elements of the provided object with with following changes or additions:

coefficients

a matrix with four columns: the estimated coefficients/parameters of the CES (including a possible fixed rho), their standard errors, the t-statistic, and corresponding (two-sided) P-values.

sigma

square root of the estimated (asymptotic) variance of the random error (calculated without correcting for degrees of freedom).

r.squared

R^2-value, i.e. the ‘fraction of variance explained by the model’. If argument rSquaredLog is TRUE, the R^2-value measures the fraction of the explained variance of the logarithmized dependent variable.

vcov

covariance matrix of the estimated parameters (including a possible fixed rho).

ela

a matrix with four columns: the estimated elasticities of substitution, their standard errors, the t-statistic, and corresponding (two-sided) P-values (only if argument ela is TRUE).

elaCov

covariance matrix of the estimated elasticities of substitution (only if argument ela is TRUE).

Author(s)

Arne Henningsen

See Also

cesEst and cesCalc.

Examples

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   data( germanFarms, package = "micEcon" )
   # output quantity:
   germanFarms$qOutput <- germanFarms$vOutput / germanFarms$pOutput
   # quantity of intermediate inputs
   germanFarms$qVarInput <- germanFarms$vVarInput / germanFarms$pVarInput


   ## CES: Land & Labor
   cesLandLabor <- cesEst( "qOutput", c( "land", "qLabor" ), germanFarms )

   # print summary results
   summary( cesLandLabor )