Output distance functions from a complexity perspective: The neural network approach

Efthymios, T; Panayotis, M; Angelos, V

dc.contributor.author	Efthymios, T	en
dc.contributor.author	Panayotis, M	en
dc.contributor.author	Angelos, V	en
dc.date.accessioned	2014-03-01T02:45:43Z
dc.date.available	2014-03-01T02:45:43Z
dc.date.issued	2008	en
dc.identifier.uri	https://dspace.lib.ntua.gr/xmlui/handle/123456789/32342
dc.subject	Neural networks	en
dc.subject	Output distance function	en
dc.subject	RTS	en
dc.subject	TFP	en
dc.subject.other	Commercial bank	en
dc.subject.other	Data sets	en
dc.subject.other	Distance functions	en
dc.subject.other	Economic theories	en
dc.subject.other	Global approximation	en
dc.subject.other	Monotonicity	en
dc.subject.other	Multiple outputs	en
dc.subject.other	Output distance function	en
dc.subject.other	Production technology	en
dc.subject.other	Production theory	en
dc.subject.other	RTS	en
dc.subject.other	TFP	en
dc.subject.other	Economics	en
dc.subject.other	Specifications	en
dc.subject.other	Neural networks	en
dc.title	Output distance functions from a complexity perspective: The neural network approach	en
heal.type	conferenceItem	en
heal.identifier.primary	10.4108/ICST.ITREVOLUTIONS2008.5110	en
heal.identifier.secondary	http://dx.doi.org/10.4108/ICST.ITREVOLUTIONS2008.5110	en
heal.identifier.secondary	5075047	en
heal.publicationDate	2008	en
heal.abstract	The output distance function is a key concept in economics. However, its empirical estimation is less than satisfactory because it often violates properties dictated by economic theory. In this paper we introduce the Neural Distance Function (NDF) which constitutes a global approximation to any arbitrary production technology with multiple outputs given by a Neural Network (NN) specification and imposes all theoretical properties implied by production theory such as monotonicity, curvature, homogeneity for all economically admissible values of outputs and inputs. The model possesses all of the properties thought as desirable in production theory in a way not matched by its competing specification. Fitted to data sets originating in US data for all commercial banks between 1989-2000,the NDF is capable of explaining a very high proportion of the variance of output while keeping the number of parameters to a minimum and satisfying all the theoretical properties dictated by production theory.	en
heal.journalName	2008 1st Conference on IT Revolutions	en
dc.identifier.doi	10.4108/ICST.ITREVOLUTIONS2008.5110	en