Short cuts to dynamic factor demand modelling
نویسنده
چکیده
By means of so-called virtual or shadow prices, short-run factor demands, short-run marginal costs, etc. can be derived from any long-run cost function. The traditional approach (short-run/restricted/conditional/variable cost functions) is criticized, and it is also shown that technological change, scale e!ects, etc. can be added to any cost function by means of disembodied factor-augmenting e$ciency indexes, easing the interpretations of the e!ects, but without loss of #exibility. It is shown that the trendand scaleparameters of the (long-run) translog cost function can be directly translated into trendand scale-parameters of such e$ciency indexes. The techniques are illustrated on the well-known Berndt}Wood data set, using a (Diewert) long-run generalized Leontief (GL) cost function, and assuming that capital and labour are quasi-"xed. ( 2000 Published by Elsevier Science S.A. All rights reserved. JEL classixcation: D21; D24; D45; E23
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