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A STUDENT FRIENDLY ILLUSTRATION AND PROJECT: EMPIRICAL TESTING OF THE COBBDOUGLAS PRODUCTION FUNCTION USING MAJOR LEAGUE BASEBALL MANAGEMENT ARTICLE - Reference no. JEEER13-19
Authors:
James B Larriviere; Ralph Sandler
Published by:
Allied Academies (2012)
in "Journal of Economics and Economic Education
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Length:
11 pages
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Abstract:
There has been a plethora of thinking and research about better methods of
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teaching important economic concepts to undergraduate and graduate level students. One concept students have a particularly difficult time grasping is the Cobb-Douglas (C-D) production function. Not only does the concept create a hurdle for students, but the actual estimation and interpretation of the C-D production function has perplexed even the most dedicated students. This paper offers a pedagogical tool to make the instruction and estimation of (C-D) production functions much more palatable to students in the intermediate level undergraduate economic courses and graduate students in managerial economics. To that end, the paper has two parts. In the first part, we introduce the production function and make the connection between team sports and the productivity of inputs. Next, we relate a specific type of production function, the Cobb-Douglas, to major league baseball teams' performance. A model is introduced and explained, with a description of the various inputs used to produce team wins. The first part concludes with the estimation of a log-linear C-D production function and an evaluation of the results. The paper's pedagogical contribution is explained in the second part of the paper. We provide a student project that professors can use in their courses to facilitate the teaching of C-D production functions. The project comes complete with data from the 2006 MLB season, which students use to estimate a log-linear C-D production function. The steps involved in the data transformation process are provided along with the empirical results. Questions and answers about the regression results are included and could be used to reinforce students' learning and understanding of the model and output.
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