\name{Electricity1955}
\alias{Electricity1955}

\title{Cost Function of Electricity Producers (1955, Nerlove Data)}

\description{
Cost function data for 145 (+14) US electricity producers in 1955.
}

\usage{data("Electricity1955")}

\format{
A data frame containing 159 observations on 8 variables.
\describe{
  \item{cost}{total cost.}
  \item{output}{total output.}
  \item{labor}{wage rate.}
  \item{laborshare}{cost share for labor.}
  \item{capital}{capital price index.}
  \item{capitalshare}{cost share for capital.}
  \item{fuel}{fuel price.}
  \item{fuelshare}{cost share for fuel.}
}
}

\details{
The data contains several extra observations that are aggregates
of commonly owned firms. Only the first 145 observations should be used for analysis.
}

\source{
Online complements to Greene (2003). Table F14.2.

\url{https://pages.stern.nyu.edu/~wgreene/Text/tables/tablelist5.htm}
}

\references{
Greene, W.H. (2003). \emph{Econometric Analysis}, 5th edition. Upper Saddle River, NJ: Prentice Hall.

Nerlove, M. (1963) \dQuote{Returns to Scale in Electricity Supply.}
In C. Christ (ed.), \emph{Measurement in Economics: Studies in Mathematical Economics
and Econometrics in Memory of Yehuda Grunfeld}. Stanford University Press, 1963.
}

\seealso{\code{\link{Greene2003}}, \code{\link{Electricity1970}}}

\examples{
data("Electricity1955")
Electricity <- Electricity1955[1:145,]

## Greene (2003)
## Example 7.3
## Cobb-Douglas cost function
fm_all <- lm(log(cost/fuel) ~ log(output) + log(labor/fuel) + log(capital/fuel),
  data = Electricity)
summary(fm_all)

## hypothesis of constant returns to scale
linearHypothesis(fm_all, "log(output) = 1")

## Table 7.4
## log quadratic cost function
fm_all2 <- lm(log(cost/fuel) ~ log(output) + I(log(output)^2) + log(labor/fuel) + log(capital/fuel),
  data = Electricity)
summary(fm_all2)

## More examples can be found in:
## help("Greene2003")
}

\keyword{datasets}
