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Journal articles on the topic 'Elasticity of substitution'

Author: Grafiati
Published: 4 June 2021
Last updated: 3 March 2023

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1

Soper, C. S. "THE ELASTICITY OF SUBSTITUTION." Economic Record 41, no. 96 (June 28, 2008): 539–48. http://dx.doi.org/10.1111/j.1475-4932.1965.tb03100.x.

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2

Kang, Kichun. "Substitution Elasticity and Gains from Trade Variety in South Korea." Journal of Korea Trade 26, no. 7 (November 30, 2022): 1–18. http://dx.doi.org/10.35611/jkt.2022.26.7.1.

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3

Headley, J. C. "Elasticity of Substitution: Some Confusion." Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie 30, no. 1 (November 13, 2008): 71–74. http://dx.doi.org/10.1111/j.1744-7976.1982.tb01966.x.

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4

Miyagiwa, Kaz, and Chris Papageorgiou. "Endogenous aggregate elasticity of substitution." Journal of Economic Dynamics and Control 31, no. 9 (September 2007): 2899–919. http://dx.doi.org/10.1016/j.jedc.2006.06.009.

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5

Growiec, Jakub, and Jakub Mućk. "ISOELASTIC ELASTICITY OF SUBSTITUTION PRODUCTION FUNCTIONS." Macroeconomic Dynamics 24, no. 7 (February 28, 2019): 1597–634. http://dx.doi.org/10.1017/s1365100518000950.

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We generalize the normalized constant elasticity of substitution (CES) production function by allowing the elasticity of substitution to vary isoelastically with (i) the relative factor share, (ii) the marginal rate of substitution, (iii) the capital–labor ratio, (iv) the capital share, (v) the capital’s rate of return, or (vi) the capital–output ratio. Ensuing isoelastic elasticity of substitution (IEES) functions have intuitively and analytically desirable properties, for example, self-duality. Empirically, for the post-war US economy we robustly reject the CES specification in favor of the IEES alternative. Assuming the IEES production structure we find that the capital–labor elasticity of substitution has remained around 0.8–0.9 from 1948 to the 1980s, followed by a period of secular decline.
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6

Nakamura, Hideki, and Masakatsu Nakamura. "CONSTANT-ELASTICITY-OF-SUBSTITUTION PRODUCTION FUNCTION." Macroeconomic Dynamics 12, no. 5 (November 2008): 694–701. http://dx.doi.org/10.1017/s1365100508070302.

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We consider endogenous changes of inputs from labor to capital in the production of intermediate goods, i.e., a form of mechanization. We derive complementary relationships between capital accumulation and mechanization by assuming a Cobb–Douglas production function for the production of final goods from intermediate goods. A constant-elasticity-of-substitution production function in which the elasticity of substitution exceeds unity can be endogenously derived as the envelope of Cobb–Douglas production functions when the efficiency of inputs is assumed in a specific form. The difficulty of mechanization represents the elasticity of substitution.
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7

McManus, Walter S. "Aggregation and “The” Elasticity of Substitution." American Economist 32, no. 2 (October 1988): 41–44. http://dx.doi.org/10.1177/056943458803200206.

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8

Semieniuk, Gregor. "Piketty’s Elasticity of Substitution: A Critique." Review of Political Economy 29, no. 1 (January 2, 2017): 64–79. http://dx.doi.org/10.1080/09538259.2016.1244916.

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9

Blackorby, Charles, Daniel Primont, and R. Robert Russell. "The Morishima gross elasticity of substitution." Journal of Productivity Analysis 28, no. 3 (May 30, 2007): 203–8. http://dx.doi.org/10.1007/s11123-007-0053-7.

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10

Reynolds, Douglas B. "Entropy and diminishing elasticity of substitution." Resources Policy 25, no. 1 (March 1999): 51–58. http://dx.doi.org/10.1016/s0301-4207(99)00007-0.

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11

Palivos, Theodore, and Giannis Karagiannis. "THE ELASTICITY OF SUBSTITUTION AS AN ENGINE OF GROWTH." Macroeconomic Dynamics 14, no. 5 (June 15, 2010): 617–28. http://dx.doi.org/10.1017/s1365100509000479.

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This paper characterizes the elasticity of factor substitution in one-sector convex growth models with a general production function. It shows that an elasticity of substitution that is asymptotically greater than unity is a sufficient (but not a necessary) condition for the existence of a lower bound on the marginal product of capital, which in turn can lead to unbounded endogenous growth. Hence, an elasticity of substitution that eventually becomes greater than unity can counteract the role of diminishing returns to capital. This renders factor substitution a powerful engine of growth.
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12

Klump, Rainer, and Anne Jurkat. "MONETARY POLICY, FACTOR SUBSTITUTION, AND CONVERGENCE." Macroeconomic Dynamics 22, no. 1 (August 3, 2016): 63–76. http://dx.doi.org/10.1017/s1365100516000481.

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In this paper, we examine the influence of monetary policy on the speed of convergence in a standard monetary growth model à la Sidrauski allowing for differences in the elasticity of substitution between factors of production. The respective changes in the rate of convergence and its sensitivities to the central model parameters are derived both analytically and numerically. By normalizing the constant elasticity of substitution (CES) production functions both outside the steady state and within the steady state, it is possible to distinguish between an efficiency and a distribution effect of a change in the elasticity of substitution. We show that monetary policy is the more effective, the lower is the elasticity of substitution, and that the impact of monetary policy on the speed of convergence is mainly channeled via the efficiency effect.
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13

Szomolányi, Karol, Martin Lukáčik, and Adriana Lukáčiková. "Estimate of Elasticity of Substitution of Inputs in Slovak Economy." Politická ekonomie 67, no. 6 (January 6, 2020): 611–30. http://dx.doi.org/10.18267/j.polek.1253.

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14

Bodenstein, Martin. "Trade Elasticity of Substitution and Equilibrium Dynamics." International Finance Discussion Paper 2008, no. 934 (June 2008): 1–48. http://dx.doi.org/10.17016/ifdp.2008.934.

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15

Burgaard, Johan, and Mogens Steffensen. "Eliciting Risk Preferences and Elasticity of Substitution." Decision Analysis 17, no. 4 (December 2020): 314–29. http://dx.doi.org/10.1287/deca.2020.0415.

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Risk aversion and elasticity of intertemporal substitution (EIS) are separated via the celebrated recursive utility building on certainty equivalents of indirect utility. Based on an alternative separation method, we formulate a questionnaire for simultaneous and consistent estimation of risk aversion, subjective discount rate, and EIS. From a representative group of 1,153 respondents, we estimate parameters for these preferences and their variability within the population. Risk aversion and the subjective discount rate are found to be in the orders of 2 and 0, respectively, not diverging far away from results from other studies. Our estimate of EIS in the order of 10 is larger than often reported. Background variables like age and income have little predictive power for the three estimates. Only gender has a significant influence on risk aversion in the usually perceived direction that females are more risk-averse than males. Using individual estimates of preference parameters, we find covariance between preferences toward risk and EIS. We present the background reasoning on objectives, the questionnaire, a statistical analysis of the results, and economic interpretations of these, including relations to the literature.
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16

Crossley, Thomas F., and Hamish W. Low. "IS THE ELASTICITY OF INTERTEMPORAL SUBSTITUTION CONSTANT?" Journal of the European Economic Association 9, no. 1 (January 20, 2011): 87–105. http://dx.doi.org/10.1111/j.1542-4774.2010.01001.x.

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17

Hansen, Jørgen Drud, Philipp Meinen, and Jørgen Ulff-Møller Nielsen. "Elasticity of substitution and anti-dumping decisions." Review of World Economics 150, no. 4 (July 25, 2014): 787–816. http://dx.doi.org/10.1007/s10290-014-0198-1.

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18

Bodenstein, Martin. "Trade elasticity of substitution and equilibrium dynamics." Journal of Economic Theory 145, no. 3 (May 2010): 1033–59. http://dx.doi.org/10.1016/j.jet.2010.01.008.

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19

Blackorby, Charles, and R. Robert Russell. "Elasticity of substitution in a regulated firm." Economics Letters 32, no. 2 (February 1990): 111–14. http://dx.doi.org/10.1016/0165-1765(90)90061-5.

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20

Chaney, Thomas. "Distorted Gravity: The Intensive and Extensive Margins of International Trade." American Economic Review 98, no. 4 (August 1, 2008): 1707–21. http://dx.doi.org/10.1257/aer.98.4.1707.

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By considering a model with identical firms, Krugman (1980) predicts that a higher elasticity of substitution between goods magnifies the impact of trade barriers on trade flows. In this paper, I introduce firm heterogeneity in a simple model of international trade. I prove that the extensive margin and the intensive margin are affected by the elasticity of substitution in exact opposite directions. When the distribution of productivity across firms is Pareto, the predictions of the Krugman model with representative firms are overturned: the impact of trade barriers on trade flows is dampened by the elasticity of substitution, and not magnified. (JEL F12, F13)
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21

Ravelojaona, Paola. "On constant elasticity of substitution – Constant elasticity of transformation Directional Distance Functions." European Journal of Operational Research 272, no. 2 (January 2019): 780–91. http://dx.doi.org/10.1016/j.ejor.2018.07.020.

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22

Photphisutthiphong, Nopphawan, and Mark Weder. "CAPITAL–LABOR SUBSTITUTION, SECTOR-SPECIFIC EXTERNALITIES, AND INDETERMINACY." Macroeconomic Dynamics 16, S3 (August 22, 2012): 411–21. http://dx.doi.org/10.1017/s1365100510000994.

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This paper examines the effect of the elasticity of technological substitution on the existence of equilibrium indeterminacy in two-sector economies. Following recent empirical evidence, the elasticity of substitution between capital and labor is below unity and we find that this requires a higher degree of productive externalities in order to still be able to produce indeterminate equilibria. However, empirically realistic rates of substitution do not rule out indeterminacy.
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23

Ngoc Thach, Nguyen. "Macroeconomic Growth in Vietnam Transitioned to Market: An Unrestricted VES Framework." Economies 8, no. 3 (July 16, 2020): 58. http://dx.doi.org/10.3390/economies8030058.

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The Vietnamese economy has increased at high speed over the transformation decades; however, most recent studies on the economic growth of this country used the Cobb-Douglas or CES (Constant Elasticity of Substitution) production functions, which are unable to explore the relationship between the elasticity of capital-labour substitution and development process, and hence, are not relevant to accessing a dynamic economic system. For that reason, this study is conducted to specify an unrestricted VES (Variable Elasticity of Substitution) production function in a one-sector growth model of Vietnam, highlighted by two characteristics: successful transition from plan to market and rapid progress. The VES is given preference over the CES and the Cobb-Douglas having the elasticity of substitution between capital and labour varying with economic development. By employing a Bayesian nonlinear regression through MCMC methods, the study reported the following findings: (1) the above-unity variable elasticity of capital-labour substitution in an aggregate unrestricted VES function specified for Vietnam shows that the model generates the possibility of endogenous economic growth; (2) the capital share tends to increase, while the labour share faces a downward trend along with the development of Vietnam; (3) the VES is empirically proven through a Bayes factor test to be superior to the CES and Cobb-Douglas for analysis of the growth process of Vietnam, an emerging transition economy.
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24

Pommeret, Aude, and Katheline Schubert. "ABATEMENT TECHNOLOGY ADOPTION UNDER UNCERTAINTY." Macroeconomic Dynamics 13, no. 4 (September 2009): 493–522. http://dx.doi.org/10.1017/s1365100509080201.

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New technology has been credited with solving environmental problems by mitigating the effects of pollutants. We construct a general equilibrium model in which abatement technology is a real option and pollution's (negative) amenity value alters both risk aversion and the intertemporal elasticity of substitution. We derive the tax scheme such that in a decentralized economy agents adopt the abatement technology at the time that is socially optimal. We show that the higher the greenness of preferences, the earlier the adoption and the higher the optimal tax rate. We also obtain that adoption is fostered by uncertainty if the effective intertemporal elasticity of substitution is large enough, but is not affected by uncertainty if this elasticity is low. Moreover, the optimal tax rate, which only exists if the effective intertemporal elasticity of substitution is high, is an increasing function of uncertainty.
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25

Konar, Arup Kanti. "Terminological Inconsistencies of "Elasticity of Substitution," "Substitution Curve," and "Marginal Rate of Substitution": A Correction." Arthshastra : Indian Journal of Economics & Research 2, no. 3 (June 1, 2013): 4. http://dx.doi.org/10.17010/aijer/2013/v2i3/54517.

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26

Hussain, Sajid, Uzma Nisar, and Waseem Akram. "An Analysis of the Cost Structure of Food Industries in Pakistan: An Application of the Translog Cost Function." LAHORE JOURNAL OF ECONOMICS 25, no. 2 (December 1, 2020): 1–22. http://dx.doi.org/10.35536/lje.2020.v25.i2.a1.

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Given the importance of food industriesin Pakistan, this studyanalyzestheircost structure by estimating thetranscendental logarithmic cost function. The study also considers elasticity of substitution along with own-price elasticity and cross-price elasticity. Four factor inputs,i.e.,labor, capital, energy,and materials,are used toestimatethe cost function. The results indicate that materialsaccount for the highest share of the cost. The elasticity of substitution of materialsfor capital and energy is also weak. The own-price elasticities indicate that the demand for materialsis least responsive to a change in its own price while the demand for other inputs varies with price. The cross-priceelasticities show that labor, capital and energy are substitutes foreach other. The output elasticity of cost demonstrates the presence of economies of scale.
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27

Kaas, Leo, and Leopold von Thadden. "Unemployment, Factor Substitution and Capital Formation." German Economic Review 4, no. 4 (December 1, 2003): 475–95. http://dx.doi.org/10.1111/j.1465-6485.2003.00090.x.

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Abstract We incorporate a wage-bargaining structure in a dynamic general equilibrium model and show how this feature changes short- and long-run properties of equilibria compared with a perfectly competitive setting.We discuss how employment, capital and income shares respond to wage-setting shocks and show that adjustment dynamics depend decisively on the magnitude of the elasticity of substitution between labour and capital. Values of the elasticity below unity add persistence, tend to preserve stability and lead to empirically plausible adjustment patterns. By contrast, values above unity introduce additional volatility, thereby making steady states potentially unstable.
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28

Rauch, James E., and Vitor Trindade. "Information, International Substitutability, and Globalization." American Economic Review 93, no. 3 (May 1, 2003): 775–91. http://dx.doi.org/10.1257/000282803322157089.

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Improved information allows home firms to rule out more potential foreign trade partners in advance of attempting to form a match. The increased responsiveness to country wage or goods price differentials resulting from this better first cut causes the general-equilibrium elasticity of substitution between national labor forces or the Armington elasticity of substitution between domestic and imported output to increase. Further results include an increase in the elasticity of domestic labor demand, an increase in the extent to which reductions in conventional trade barriers equalize national wages, and reduced “natural protection” for domestic producers.
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29

Khan, Ashfaque H., and Mohammad Rafiq. "Substitution among Labour, Capital, Imported Raw Materials, and Bank Credit in Pakistan's Manufacturing." Pakistan Development Review 32, no. 4II (December 1, 1993): 1259–66. http://dx.doi.org/10.30541/v32i4iipp.1259-1266.

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In view of its central importance to economic analysis a vast number of studies relating to the production function in its various functional forms has been undertaken during the last three decades in both the developed and the developing countries. Studies pertaining of the developing countries were primarily directed towards finding the degree of substitution between labour and capital. These efforts were ignited by the desire to explain the existence of high rates of unemployment, particularly in the urban areas. It has been argued that the near zero elasticity of substitution between labour and capital has been responsible for the existence of the high rate of unemployment.l On the other hand, higher values for the elasticity of substitution could lead to the substitution of abundant or the faster growing factor of production (labour) for the scarce or slow growing factor (capital). Hence, a knowledge of the value of the elasticity of substitution between labour and capital in the manufacturing sector is essential for understanding the growing unemployment problem in developing countries, including Pakistan.
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30

Yankovyi, Volodymyr. "Production function with constant elasticity of substitution resources." Socio-Economic Research Bulletin, no. 3(58) (October 27, 2015): 228–34. http://dx.doi.org/10.33987/vsed.3(58).2015.228-234.

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31

Vrankić, Ilko, Mira Krpan, and Tomislav Herceg. "Monopolist’s mark-up and the elasticity of substitution." Croatian Operational Research Review 8, no. 2 (December 30, 2017): 377–90. http://dx.doi.org/10.17535/crorr.2017.0024.

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32

González-Urteaga, Ana, and Gonzalo Rubio. "Estimating the elasticity of intertemporal substitution with leverage." North American Journal of Economics and Finance 41 (July 2017): 18–31. http://dx.doi.org/10.1016/j.najef.2017.03.005.

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33

Brakman, S., and C. J. Jepma. "On the elasticity of substitution in international trade." De Economist 138, no. 1 (March 1990): 63–72. http://dx.doi.org/10.1007/bf01718390.

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34

Irmen, Andreas. "Steady-state growth and the elasticity of substitution." Journal of Economic Dynamics and Control 35, no. 8 (August 2011): 1215–28. http://dx.doi.org/10.1016/j.jedc.2011.04.002.

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35

Du, Juan, and Takeshi Yagihashi. "Goods-Time Elasticity of Substitution in Health Production." Health Economics 26, no. 11 (October 16, 2016): 1474–78. http://dx.doi.org/10.1002/hec.3446.

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36

Aleti, Saketh, and Gal Hochman. "Non-Constant Elasticity of Substitution and Intermittent Renewable Energy." Agricultural and Resource Economics Review 49, no. 2 (June 30, 2020): 321–59. http://dx.doi.org/10.1017/age.2020.7.

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In this article, we present a model of the electricity sector where generation technologies are intermittent. The economic value of an electricity generation technology is given by integrating its production profile with the market price of electricity. We use estimates of the consumer's intertemporal elasticity of substitution for electricity consumption while parameterizing the model empirically to numerically calculate the elasticity between renewables and fossil energy. We find that there is a non-constant elasticity of substitution between renewable and fossil energy that depends on prices and intermittency. This suggests that the efficacy and welfare effects of carbon taxes and renewable subsidies vary geographically. Subsidizing research into battery technology and tailoring policy for local energy markets can mitigate these distributional side effects while complementing traditional policies used to promote renewable energy.
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37

Du, Na, Qianqian Shao, and Ruifa Hu. "Price Elasticity of Production Factors in Beijing’s Picking Gardens." Sustainability 11, no. 7 (April 11, 2019): 2160. http://dx.doi.org/10.3390/su11072160.

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Picking agriculture is a form of leisure agriculture based on the concept of traditional garden. Due to their unique layout and construction style, picking gardens have different attractive elements, including sightseeing, leisure, entertainment, crop production, and crop picking. However, despite its increasing importance, there is no systematic research on price elasticity or price substitution elasticity of production factors in picking gardens. To fill this gap, we surveyed 308 farmers in five districts of Beijing and employed a translog cost function to compare the impact of operation patterns on peach and cherry production cost by estimating elasticities of substitution between and among inputs. We found that own-price elasticity of all input factors was negative, while substitution relationships existed between labor and land, labor and fertilizer, fertilizer and manure, and manure and pesticide. This indicates that Beijing’s agricultural sector is labor intensive, while fertilizer and pesticide are scarcely used.
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38

Nazir, Sidra, Nasir Mahmood, and Gulnaz Hameed. "Output and Substitution Elasticities in Pakistan’s Industrial Sectors: Panel Data Analysis." Economics and Finance Letters 9, no. 2 (October 25, 2022): 257–72. http://dx.doi.org/10.18488/29.v9i2.3180.

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This study performed a panel data analysis of Pakistan’s nine major sub-industries in the years 1980–2019. The primary objective was to conduct a disaggregate analysis of the substitution elasticity of inputs in the different industries, including textile, mining and currying, manufacturing, fuel extraction, electricity, gas, and water supply, using the translog production function. The study used the translog production function to estimate output and substitution elasticities for each sub-industry. Based on the results of the output elasticities, the study concluded that there were negative elasticities for the inputs oil, gas, and labor, except for capital, which had positive elasticity, causing increasing returns to scale for industries. The elasticity of substitution was greater than one and the value was positive, showing that costly energy inputs can and should be replaced with cheaper energy inputs in these industries. For instance, electricity can be replaced with gas, which is cheaper than electricity in Pakistan.
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39

McQueen, James RG, and Karen Potter-Witter. "The sawmill industry of the Lake States: a study of productivity, technological change, and factor demand." Canadian Journal of Forest Research 36, no. 10 (October 1, 2006): 2633–41. http://dx.doi.org/10.1139/x06-144.

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A translog variable cost function of the sawmill industry in Michigan, Minnesota, and Wisconsin was estimated using pooled time-series data for the period 1963–1996 with inputs labour, materials, and capital. The estimated model imposed Hicks-neutral technical change and allowed for nonconstant returns to scale as well as nonunitary elasticities of substitution amongst the inputs. Results for the Allen–Uzawa partial elasticity of substitution and the Morishima elasticity of substitution indicate that the three inputs were inelastic substitutes. The own-price elasticities of demand and the cross-price elasticities were all inelastic. The industry exhibits increasing returns to scale and positive technical change. Total factor productivity was increasing by 0.69%/year over the study period.
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40

Oberfield, Ezra, and Devesh Raval. "Micro Data and Macro Technology." Econometrica 89, no. 2 (2021): 703–32. http://dx.doi.org/10.3982/ecta12807.

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We develop a framework to estimate the aggregate capital‐labor elasticity of substitution by aggregating the actions of individual plants. The aggregate elasticity reflects substitution within plants and reallocation across plants; the extent of heterogeneity in capital intensities determines their relative importance. We use micro data on the cross‐section of plants to build up to the aggregate elasticity at a point in time. Interpreting our econometric estimates through the lens of several different models, we find that the aggregate elasticity for the U.S. manufacturing sector is in the range of 0.5–0.7, and has declined slightly since 1970. We use our estimates to measure the bias of technical change and assess the decline in labor's share of income in the U.S. manufacturing sector. Mechanisms that rely on changes in the relative supply of factors, such as an acceleration of capital accumulation, cannot account for the decline.
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41

ÖZKAYA, Ata. "SABİT İKAME ESNEKLİĞİ ÜRETİM FONKSİYONUNUN PARAMETRELERİNİN YENİDEN DEĞERLENDİRİLMESİ." Uluslararası Anadolu Sosyal Bilimler Dergisi 6, no. 3 (August 31, 2022): 1074–90. http://dx.doi.org/10.47525/ulasbid.1134380.

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Bu çalışmamız sabit ikame esnekliği üretim fonksiyonunun özelliklerini incelemektedir. Sabit ikame esnekliğini tanımlayan diferansiyel denklemin çözülmesiyle, bu çalışmada üretim fonksiyonuna ait yapısal değişkenler tam olarak elde edilmektedir. Literatürde ve daha önce modellenmiş sabit ikame esnekliği üretim fonksiyonlarında bu parametrelerin serbest olduğu varsayılmaktaydı. Hâlbuki bu çalışma üretim faktörlerinin dağılımı ve verimlilik parametrelerinin gelişigüzel sabitler olmadığını, ikame esnekliğinin birer fonksiyonu olduklarını ispat etmektedir. Ayrıca, bu iki değişken böylelikle, faktör üretkenliğinin sınır değer davranışlarını da açıklamaktadır. Bu bulgu, model parametreleri, faktör üretkenliği ve ekonomik büyüme hızı arasındaki ilişkinin tekrar ele alınması açısından literatüre katkı sunmaktadır. Bu çalışmanın sonuçları ek olarak faktör üretkenliklerinin sınır koşullardaki davranışını bilmenin daha zengin ekonomi-politik uygulamalara imkân tanıdığını göstermektedir. Böylelikle politika yapıcılar açısından, ekonomik büyüme hızını artırmayı hedefleyen alternatif politikalara alan açılmaktadır.
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42

AYOUB, MOHYEE-ELDIN. "Estimating Constant Elasticity of Substitution For Saudi Banking Sector." Journal of King Abdulaziz University-Economics and Administration 12, no. 2 (1999): 3–18. http://dx.doi.org/10.4197/eco.12-2.3.

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43

Melén, Carl-Gustav. "The Elasticity of Substitution and Characteristics of New Investments." Modern Economy 03, no. 02 (2012): 150–59. http://dx.doi.org/10.4236/me.2012.32021.

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44

Maki, Dennis R., and Lindsay N. Meredith. "A Note on Unionization and the Elasticity of Substitution." Canadian Journal of Economics 20, no. 4 (November 1987): 792. http://dx.doi.org/10.2307/135416.

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45

León-Ledesma, Miguel A., Peter McAdam, and Alpo Willman. "Identifying the Elasticity of Substitution with Biased Technical Change." American Economic Review 100, no. 4 (September 1, 2010): 1330–57. http://dx.doi.org/10.1257/aer.100.4.1330.

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The capital-labor substitution elasticity and technical biases in production are critical parameters. The received wisdom claims their joint identification is infeasible. We challenge that interpretation. Putting the new approach of “normalized” production functions at the heart of a Monte Carlo analysis we identify the conditions under which identification is feasible and robust. The key result is that jointly modeling the production function and first-order conditions is superior to single-equation approaches especially when merged with “normalization.” Our results will have fundamental implications for production-function estimation under non-neutral technical change, for understanding the empirical relevance of normalization and variability underlying past empirical studies. (JEL E22, O33, O41)
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46

Raval, Devesh R. "The micro elasticity of substitution and non‐neutral technology." RAND Journal of Economics 50, no. 1 (January 20, 2019): 147–67. http://dx.doi.org/10.1111/1756-2171.12265.

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47

Gamlath, Sharmila, and Radhika Lahiri. "Technical change, variable elasticity of substitution and economic growth." Journal of Economic Studies 45, no. 5 (October 8, 2018): 1054–71. http://dx.doi.org/10.1108/jes-07-2017-0180.

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Abstract:
Purpose The purpose of this paper is to explore the properties of the variable elasticity of substitution (VES) production function, and examine the dynamics of growth associated with it. Design/methodology/approach The VES production function is incorporated into an otherwise standard Diamond overlapping generations model. Findings Depending on parameter combinations, the economy can achieve a unique and stable steady state akin to that observed in the Solow-Swan model, reach a poverty trap or transition towards an upper bound of per capita capital stock. A special case of the VES production function is also consistent with unbounded growth. Research limitations/implications The paper is theoretical in nature. Further empirical analysis could shed deeper insights into the results presented in this study. Practical implications The VES production function, when applied to the context of the Diamond model, can capture a variety of growth experiences observed in the empirical literature. Social implications In the context of the Diamond model, a higher value of a particular parameter in the production function leads to greater intergenerational income and consumption inequality. Hence, the study provides a potential explanation for intergenerational inequalities observed in practice. Originality/value The study demonstrates the empirical value of the VES production function in explaining observed differences in factor shares, rewards and elasticities within and between countries over time.
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48

de La Grandville, Olivier. "Curvature and the elasticity of substitution: Straightening it out." Journal of Economics 66, no. 1 (February 1997): 23–34. http://dx.doi.org/10.1007/bf01231465.

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49

Mollick, André Varella. "The world elasticity of labor substitution across education levels." Empirical Economics 41, no. 3 (September 17, 2010): 769–85. http://dx.doi.org/10.1007/s00181-010-0398-z.

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50

Tan, Willie. "The elasticity of capital-labour substitution in Singapore construction." Construction Management and Economics 14, no. 6 (November 1996): 537–42. http://dx.doi.org/10.1080/014461996373232.

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