I derive a production-based asset pricing formula to infer aggregate stock market returns from macroeconomic time series when the technology is putty-clay. Capital heterogeneity leads to variation in the aggregate stock market value through a new compositional e¤ect. The asset pricing formula, which holds regardless of the stochastic discount factor, predicts that the stock market value is high...

capital There are two meanings in economics. One is the monetary value of assets owned by an individual firm, etc. or the amount that is available to invest. The second meaning, used herein, refers to a human-made input into the production process, including things such as buildings and machinery, and infrastructure (telecommunications systems and the like). Capital in these forms is also descr...

The production of polyhydroxyalkanoates in plants is an interesting commercial prospect due to lower carbon feedstock costs and capital investments. The production of poly-(3-hydroxybutyrate) has already been successfully demonstrated in plant plastids, and the production of more complex polymers is under investigation. Using a mathematical simulation model this paper outlines the theoretical p...

This paper investigates how firms dynamically adjust their use of capital, labor, energy, and materials using the Colombian Census of Manufacturing. This Census contains data at the establishment level and provides evidence of a mix of smooth and lumpy adjustments and of interrelated factor adjustments. Based on this evidence, I propose a dynamic firm model that incorporates five key features: ...

the technical efficiency involved in cocoa production in cross river state was estimated using the stochastic frontier production function analysis. the effects of some selected socio- economic characteristics of the farmers on the efficiency indices were also estimated. the study relied upon primary data generated from interviewing cocoa farmers using a set of structured questionnaire. a multi...

This paper aims to contribute to the new growth theory with a model in which the engine of growth is human capital growth. Building on Romer’s [1990] model, two new functions are introduced: (1) A speci...cation for the production of new designs that assumes no externalities and no inventions before time zero; and (2) A speci...cation for the accumulation of human capital technically similar to...

The objective of this paper is to estimate the Transcendental Logarithmic Production Function of manufacturing industry in Jordanian economy. Manufacturing industry can be considered as the fourth large one in Jordanian economy. In last decade, the growth rate in this sector is the second one after transport and communications. The gross fixed capital formation in manufacturing is the third one...

An aspect of life history that has seen increasing attention in recent years is that of strategies for financing the costs of offspring production. These strategies are often described by a continuum ranging from capital breeding, in which costs are met purely from endogenous reserves, to income breeding, in which costs are met purely from concurrent intake. A variety of factors that might driv...

human capital has always been of high importance in economic growth literature. in this regard, several studies have tried to explain the role of this variable via the use of different models. the present study, in line with the previous ones, going to estimate the share of human capital in iranian economy production from 1974 to 2011 within the framework of ozawa (1965) and lucas’s (1988) endo...