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- Title
Using Hierarchical Cluster Analysis as a Tool to Fit Aggregate Production Function.
- Authors
Solis, Rafael; Tseng, K. C.
- Abstract
In this study, we discuss the use of clustering algorithms to group countries based on a set of macroeconomic variables and their effect on the estimation of the parameters of a Cobb-Douglas type production function. The findings suggest that the utilization of clustering methodologies could play an important role when grouping of countries may be needed without adversely affecting the meaning of the parameters of the fitted production functions.
- Subjects
HIERARCHICAL clustering (Cluster analysis); COBB-Douglas production function; MACROECONOMICS; ESTIMATION theory; PARAMETERS (Statistics)
- Publication
International Journal of Business & Economics, 2018, Vol 17, Issue 2, p95
- ISSN
1543-1614
- Publication type
Article