A General Evaluation on Estimates of Cobb-Douglas, CES, VES and Translog Production Functions
نویسندگان
چکیده
منابع مشابه
An Assessment of CES and Cobb-Douglas Production Functions
This paper surveys the empirical and theoretical literature on macroeconomic production functions and assesses whether the constant elasticity of substitution (CES) or the CobbDouglas specification is more appropriate for use in the CBO’s macroeconomic forecasts. The Cobb-Douglas’s major strengths are its ease of use and its seemingly good empirical fit across many data sets. Unfortunately, the...
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Cobb Douglas production function parameters are not identi ed from crosssection variation when inputs are perfectly exible and chosen optimally, and input prices are common to all rms. We consider the role of adjustment costs for inputs in identifying these parameters in this context. The presence of adjustment costs for all inputs allows production function parameters to be identi ed, even i...
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the production function relates total product P to the labor L, capital C, land T (terrain), and other inputs that combine to produce it. The function expresses a technological relationship. It describes the maximum output obtainable, at the existing state of technological knowledge, from given amounts of factor inputs. Put differently, a production function is simply a set of recipes or techni...
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A form for homogeneous functions is presented which shows them to be a very simple extension of the wellknown Cobb-Douglas functions with similar properties in production (and distribution) economics. This form thus suggests new possibilities for interpreting a wide variety of empirical and theoretical results in economics; it also provides contact with developments in other fields, such as inf...
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ژورنال
عنوان ژورنال: Ekonomik Teori ve Analiz Dergisi
سال: 2017
ISSN: 2548-0707
DOI: 10.25229/beta.336297