Capital-labor substitution and economic efficiency
TL;DR: In this article, the authors proposed a method to improve the quality of the service provided by the service provider by using the information of the user's interaction with the provider and the provider.
Abstract: Обсуждаются следующие темы: чистая теория производства, функциональное распределение дохода, технический прогресс, источники международных конкурентных преимуществ. Анализируются эластичность замещения между трудом и капиталом в обрабатывающей промышленности; производственные функции различного типа.
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TL;DR: In this paper, a nonlinear inequality-constrained optimization framework is used to show that a profit-maximizing production may imply technical inefficiency, i.e., in graphical terms, depending on the topology of the profit function the optimal input-output combination may be located in the interior of the producer's production possibilities set.
16 citations
01 Jan 2017
TL;DR: In this article, the authors present a comprehensive optimized inverse analysis protocol that has been formulated at the complex multifunctional, multiphysics and multidisciplinary total system of systems level leading to trans-disciplinary convergence for the entire designer vehicle with provisions for optimized/tailored aerodynamics, stability, control, materials, structures, propulsion, performance, sizing, weight, cost, etc.
Abstract: This chapter [Portions of the analysis and results of this continuing research project were presented at the Fourth International Conference on Inverse Problems, Design and Optimization (IPDO–2013), Albi, France (Hilton and D’Urso, Paper ID 06290, 2013).] reports on a comprehensive optimized inverse analysis protocol that has been formulated at the complex multifunctional, multiphysics and multidisciplinary total system of systems (SoS) level leading to trans-disciplinary convergence for the entire designer vehicle with provisions for optimized/tailored aerodynamics, stability, control, materials, structures, propulsion, performance, sizing, weight, cost, etc. The protocol for these inverse problems is based on a generalized calculus of variations approach, including but not limited to Lagrange multipliers.
16 citations
01 Jan 2006
TL;DR: In this paper, the authors derive a stochastic discount factor for asset returns from the equilibrium marginal rate of transformation, the rate at which a producer can transform output in one state of nature into output in another state.
Abstract: This paper explores the implications of the producers’ first order conditions for asset pricing and provides an explanation of the cross-sectional variation in average stock returns. Theoretically, I derive a stochastic discount factor for asset returns from the equilibrium marginal rate of transformation, the rate at which a producer can transform output in one state of nature into output in another state. I propose a procedure to measure the marginal rate of transformation in the data and I show that the inferred marginal rate of transformation implies a novel macro-factor asset pricing model in which the pricing factors are a function of industry output and prices growth. Empirically, the model captures well the risk and return trade-off of several portfolio sorts, including the 25 Fama-French portfolios sorted on size and book-to-market. The returns on small stocks and value stocks have a large negative covariance with the marginal rate of transformation, which explains their high average returns relative to big stocks and growth stocks. The estimated preducers’ elasticity of substitution of output across states of nature is high, a result that is in contrast with the assumption of a zero elasticity that is implicitly made in current empirical and theoretical representations of the technology of a firm that operates in an uncertain environment. JEL Classification: E23, E44, G12
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TL;DR: In this article, the authors introduce a new modeling framework that simulates the Nile River System and Egypt's macro economy, with dynamic feedbacks between the river system and the macroeconomy, to compare water resources management strategies for the Nile in a quest for efficient use of the river's limited and stressed water resources.
Abstract: The landscape of water infrastructure in the Nile Basin is changing with the construction of the Grand Ethiopian Renaissance Dam. Although this dam could improve electricity supply in Ethiopia and its neighbors, there is a lack of consensus between Ethiopia, Sudan, and Egypt on the dam operation. We introduce a new modeling framework that simulates the Nile River System and Egypt’s macroeconomy, with dynamic feedbacks between the river system and the macroeconomy. Because the two systems “coevolve” throughout multi-year simulations, we term this a “coevolutionary” modeling framework. The framework is used to demonstrate that a coordinated operating strategy could allow the Grand Ethiopian Renaissance Dam to help meet water demands in Egypt during periods of water scarcity and increase hydropower generation and storage in Ethiopia during high flows. Here we show the hydrological and macroeconomic performance of this coordinated strategy compared to a strategy that resembles a recent draft proposal for the operation of the dam discussed in Washington DC. Integrating river system and economy-wide models in a dynamic, iterative, bidirectional fashion allows assessing some economic impacts of interventions in river systems. Here the authors use this framework to compare water resources management strategies for the Nile in a quest for efficient use of the river’s limited and stressed water resources.
16 citations
TL;DR: In this article, new production function forms were devised to generalise two restrictive features of the maintained hypotheses concerning homogeneity and the substitution effect of the original ACMS function, which generalize the ACMS functions.
Abstract: This paper discusses new production function forms which are devised to generalise two restrictive features of the maintained hypotheses concerning homogeneity and the substitution effect of the original ACMS function.
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TL;DR: In this article, the authors proposed a method to improve the performance of the system by using the information of the user's interaction with the system and the system itself, including the interaction between the two parties.
Abstract: В статье производится анализ агрегированной производственной функции, вводится аппарат, позволяющий различать движение вдоль такой функции от ее сдвигов. На основании сделанных в статье предположений делаются выводы о характере технического прогресса и технологических изменений. Существенное внимание уделяется вариантам применения концепции агрегированной производственной функции.
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01 Jan 1956TL;DR: In this paper, a very brief treatment of three questions relating to the history of our economic growth since the Civil War is given, namely: (1) How large has been the net increase of aggregate output per capita, and to what extent has this increase been obtained as a result of greater labor or capital input on the one hand and of a rise in productivity on the other? (2) Is there evidence of retardation, or conceivably acceleration, in the growth of per capita output? (3) Have there been fluctuations in the rate of growth of output, apart
Abstract: Introduction This paper is a very brief treatment of three questions relating to the history of our economic growth since the Civil War: (1) How large has been the net increase of aggregate output per capita, and to what extent has this increase been obtained as a result of greater labor or capital input on the one hand and of a rise in productivity on the other? (2) Is there evidence of retardation, or conceivably acceleration, in the growth of per capita output? (3) Have there been fluctuations in the rate of growth of output, apart from the shortterm fluctuations of business cycles, and, if so, what is the significance of these swings? The answers to these three questions, to the extent that they can be given, represent, of course, only a tiny fraction of the historical experience relevant to the problems of growth. Even so, anyone acquainted with their complexity will realize that no one of them, much less all three, can be treated satisfactorily in a short space. I shall have to pronounce upon them somewhat arbitrarily. My ability to deal with them at all is a reflection of one of the more important, though one of the less obvious, of the many aspects of our growing wealth, namely, the accumulation of historical statistics in this country during the last generation. For the most part, the figures which I present or which underlie my qualitative statements are taken directly from tables of estimates of national product, labor force, productivity, and the like compiled by others.
1,031 citations
903 citations