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Estimation Of The Partial Elasticity Of Substitution Among Factor Inputs In Case Of Misspecification Of Production Function
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Book Synopsis Estimation of the Partial Elasticity of Substitution Among Factor Inputs in Case of Misspecification [of] Production Function by : Mohamed Ahmed Harhur
Download or read book Estimation of the Partial Elasticity of Substitution Among Factor Inputs in Case of Misspecification [of] Production Function written by Mohamed Ahmed Harhur and published by . This book was released on 1981 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Translog Production Function and Factor Substitution in U.S. Manufacturing, 1929-1968 by : Ernst R. Berndt
Download or read book The Translog Production Function and Factor Substitution in U.S. Manufacturing, 1929-1968 written by Ernst R. Berndt and published by . This book was released on 1971 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper contains an empirical application of the translog production function proposed by Christensen, Jorgenson, and Lau. The application is a study of substitution possibilities among equipment, structures, and labor in U.S. manufacturing 1929-1968. Since there have been few studies of substitution possibilities with more than two factor inputs, considerable attention is given to estimating several related elasticity of substitution concepts. Some new theorems relating separable production specifications to restrictions on the Allen partial elasticities of substitution are presented. The functional form proposed by K. Sato is shown to be less general than the translog function, but it is found to adequately represent substitution possibilities for U.S. manufacturing. The CES, Uzawa, and Cobb-Douglas forms are more restrictive than the Sato form. They are found not to be sufficiently flexible to be useful for this application. (Author).
Book Synopsis Estimation of Substitution Elasticities in Three-Factor Production Functions by : Julius Frieling
Download or read book Estimation of Substitution Elasticities in Three-Factor Production Functions written by Julius Frieling and published by . This book was released on 2017 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Existing estimation methods for multi-factor CES functions require limiting assumptions about the nature of technical change. We demonstrate how a system of equations and a fixed elasticity in the nested process can provide identification for more flexible specifications and for small data samples. We evaluate the role of energy inputs in an aggregate production function using data for Germany. The use of a Cobb-Douglas process for capital and labor by other studies biases elasticity estimates upwards. The estimated low elasticity means that energy availability is a potentially limiting factor for growth and that productivity gains for capital and labor are energy-using.
Book Synopsis The Constant Elasticity of Substitution Production Function and Its Application in Research by : Marlen Frederick Miller
Download or read book The Constant Elasticity of Substitution Production Function and Its Application in Research written by Marlen Frederick Miller and published by . This book was released on 1975 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimating the Elasticity of Substitution from International Manufacturing Census Data by : Merle Ina Yahr
Download or read book Estimating the Elasticity of Substitution from International Manufacturing Census Data written by Merle Ina Yahr and published by . This book was released on 1967 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Estimation of the Transcendental Logarithmic Function and the Decomposition Analysis of Derived Demand for Factor Inputs by : Toshiyuki Kakio
Download or read book The Estimation of the Transcendental Logarithmic Function and the Decomposition Analysis of Derived Demand for Factor Inputs written by Toshiyuki Kakio and published by . This book was released on 1976 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimates of Substitution Elasticities and Factor-Augmented Technical Changes by : Taoyuan Wei
Download or read book Estimates of Substitution Elasticities and Factor-Augmented Technical Changes written by Taoyuan Wei and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper estimates substitution elasticity between labor and capital in a constant elasticity of substitution (CES) production function based on the World Input-Output Database (WIOD, Timmer 2012). I estimate the elasticities and growth rates of factor-augmented technical progress based on the two first order conditions (FOCs) under the assumption of competitive profit-maximization producers. Taking into account for the capital as a fixed input and the labor as a variable input in the short term particularly within a year, I adopt the FOC with respect to capital where capital input is the explanatory variable and the FOC with respect to labor where wage rate is the explanatory variable. The results show that the industrial elastisities fall within a range from 0.4 to 0.9 and aggregate country-level elasticity is around 0.62. 90% of the estimated annual changes in factor-augmented technology fall within a range from -0.12 to 0.17. At the country level, 35 of the 40 countries exhibit net labor-augmenting technical progress.
Book Synopsis A Cost Function Approach to the Measurement of Factor Demand Elasticities and Elasticities of Substitution by : Hans P. Binswanger-Mkhize
Download or read book A Cost Function Approach to the Measurement of Factor Demand Elasticities and Elasticities of Substitution written by Hans P. Binswanger-Mkhize and published by . This book was released on 1973 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Factor Substitution in the Economic Analysis of Production by : Daniel Little McFadden
Download or read book Factor Substitution in the Economic Analysis of Production written by Daniel Little McFadden and published by . This book was released on 1962 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Production Function Estimation by : Mert Demirer
Download or read book Essays on Production Function Estimation written by Mert Demirer and published by . This book was released on 2020 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first chapter develops a new method for estimating production functions with factor-augmenting technology and assesses its economic implications. The method does not impose parametric restrictions and generalizes prior approaches that rely on the CES production function. I first extend the canonical Olley-Pakes framework to accommodate factor-augmenting technology. Then, I show how to identify output elasticities based on a novel control variable approach and the optimality of input expenditures. I use this method to estimate output elasticities and markups in manufacturing industries in the US and four developing countries. Neglecting labor-augmenting productivity and imposing parametric restrictions mismeasures output elasticities and heterogeneity in the production function. My estimates suggest that standard models (i) underestimate capital elasticity by up to 70 percent (ii) overestimate labor elasticity by up to 80 percent. These biases propagate into markup estimates inferred from output elasticities: markups are overestimated by 20 percentage points. Finally, heterogeneity in output elasticities also affects estimated trends in markups: my estimates point to a much more muted markup growth (about half) in the US manufacturing sector than recent estimates. The second chapter develops partial identification results that are robust to deviations from the commonly used control function approach assumptions and measurement errors in inputs. In particular, the model (i) allows for multi-dimensional unobserved heterogeneity,(ii) relaxes strict monotonicity to weak monotonicity, (iii) accommodates a more flexible timing assumption for capital. I show that under these assumptions production function parameters are partially identified by an 'imperfect proxy' variable via moment inequalities. Using these moment inequalities, I derive bounds on the parameters and propose an estimator. An empirical application is presented to quantify the informativeness of the identified set. The third chapter develops an approach in which endogenous networks is a source of identification in estimations with network data. In particular, I study a linear model where network data can be used to control for unobserved heterogeneity and partially identify the parameters of the linear model. My method does not rely on a parametric model of network formation. Instead, identification is achieved by assuming that the network satisfies latent homophily - the tendency of individuals to be linked with others who are similar to themselves. I first provide two definitions of homophily: weak and strong homophily. Then, based on these definitions, I characterize the identified sets and show that they are bounded under weak conditions. Finally, to illustrate the method in an empirical setting, I estimate the effects of education on risk preferences and peer effects using social network data from 150 Chinese villages.
Book Synopsis Estimating Elasticities of Input Substitution Using Data Envelopment Analysis by : Noah James Miller
Download or read book Estimating Elasticities of Input Substitution Using Data Envelopment Analysis written by Noah James Miller and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of elasticities of substitution between inputs has become the standard method for addressing the effect of a change in the mix of input used for production from a technological or cost standpoint. (Chambers 1988) A researcher that wants to estimate this elasticity, or some other comparative static, typically would do so using parametric production or cost function (e.g. translog or normalized quadratic) with panel data. For a study with only cross-sectional data, the construction of such a function may be problematic. Using a dual approach, a nonparametric alternative in such a situation may be the use of Data Envelopment Analysis (DEA). Cooper et al. (2000) provided a methodology for estimating elasticities of substitution for the technical production problem using DEA. To our knowledge, this has not been extended to the cost efficiency problem, which would be equivalent to estimating Allen partial or Morishima elasticities of substitution between inputs using a cost function (or cost minimization framework). The purpose of this thesis is to show how elasticities of substitution can be derived and estimated for the technical production and cost (overall economic) efficiency DEA under variable returns to scale. In addition, an empirical example using Kansas Farm Management Association (KFMA) data is presented to illustrate the estimation of these elasticities. The results showed that input substitutability is relatively limited at the enterprise level.
Book Synopsis On the Production Function with Variable Elasticity of Factor Substitution by : Constantin Chilarescu
Download or read book On the Production Function with Variable Elasticity of Factor Substitution written by Constantin Chilarescu and published by . This book was released on 2018 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main aim of this paper is to prove the existence of a new production function with variable elasticity of factor substitution. The econometric estimates presented in the paper confirm some other results and reinforces the conclusion that the sigma is well-below the Cobb-Douglas value of one.
Book Synopsis Production Functions with Variable Elasticity of Substitution and Variable Returns to Scale by : Nagesh S. Revankar
Download or read book Production Functions with Variable Elasticity of Substitution and Variable Returns to Scale written by Nagesh S. Revankar and published by . This book was released on 1967 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Empirical Essays on the Elasticity of Substitution, Technical Change, and Economic Growth by :
Download or read book Empirical Essays on the Elasticity of Substitution, Technical Change, and Economic Growth written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate the elasticity of substitution using two different production functions. The usual Constant Elasticity of Substitution (CES) production function and a Box-Cox production function for Japan (1890-1991), UK (1870-1991), and US (1890-1992; 1929-2000). The main results are that we find the ES to be non-unitary and changing over time. Our findings have implications for economic growth (theoretical and empirical), as production is an increasing function of the ES. The use of a Cobb-Douglas production function, as in most cases in the literature, hides the role of the ES not only as a source of increase in output but also as a source of technical change. Also, we found in a monte carlo simulation that usual CES production usually does not give reliable estimates for the substitution parameter. Finally, using a CES to calculate TFP across countries, we found that variance of TFP is lower than using a Cobb-Douglas. It implies that the importance of TFP to explain income differences across countries is diminished.
Book Synopsis Isoelastic Elasticity of Substitution Production Functions by :
Download or read book Isoelastic Elasticity of Substitution Production Functions written by and published by . This book was released on 2015 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A CES Indirect Production Function by : Boyan Jovanovic
Download or read book A CES Indirect Production Function written by Boyan Jovanovic and published by . This book was released on 1995 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper derives an indirect production function that is, in a special case, of a constant elasticity of substitution form. This is not a contribution to the theory of aggregation generally. Instead it is a microfoundation for a specific but popular production function -- the CES -- that helps us express the important concept of the elasticity of substitution in terms of more primitive, and more intuitive concepts of the returns to scale. The paper presents a simple lemma, and then shows that several and diverse applications have a common logical structure: the production function often used in growth theory, the utility function when there is household production, human capital theory, and the concept of the aggregate technology shock.
Book Synopsis The translog approximation of the constant elasticity of substitution production function with more than two input variables by : Ayoe Hoff
Download or read book The translog approximation of the constant elasticity of substitution production function with more than two input variables written by Ayoe Hoff and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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