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Journal ArticleDOI

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.
Citations
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Journal ArticleDOI
TL;DR: In this paper, a multi-category utility model is proposed to increase the diversity of recommendations over the entire session while improving the relevance of each recommendation within the session, and the proposed approach makes 6%-11% more accurate recommendations than optimized alternatives.
Abstract: The diversity of a set of recommendations can improve consumers’ satisfaction with the personalized recommender system. However, diversifying a list of products for a one-shot recommendation sacrifices relevance, which can reduce its value. We identify a popular scenario, sessions of online news consumption, where one can increase the diversity of recommendations over the entire session while improving the relevance of each recommendation within the session. Our approach is based on a multi-category utility model that captures consumers’ preference towards different types of content, how quickly they satiate with one type and substitute it with another, and how they trade off their own costly search efforts with selecting from the recommended articles to find new content. Taken together, these three elements enable us to characterize how utility maximizing consumers construct diverse “baskets” of content over the course of each session, and how likely they are to click on content recommended to them. We estimate this model using a clickstream dataset from a large international media outlet and apply it to determine the most relevant content at different stages of an online session. We demonstrate that by taking into account how consumers sequentially select content from different categories over time within a session, we not only recommend more diverse content over a session, but also recommend more relevant content than methods that do not incorporate such information. The diversity of the content recommended by the proposed approach closely matches the diversity sought by individual readers in their actual natural consumption — exhibiting the lowest concentration-diversification bias when compared to other personalized recommender systems. Meanwhile, the proposed approach makes 6%–11% more accurate recommendations than optimized alternatives. Using a policy simulation, we estimate that recommending content using the proposed approach would result in visitors reading 57% additional articles at the studied website, which has direct revenue implication for the publisher of this site.

2 citations

Book ChapterDOI
01 Jan 2016
TL;DR: In this article, the authors focus on the behavior of colleges and universities in the markets for students and examine how states use funding formulas to distribute appropriations to public institutions and impact their behavior.
Abstract: In this chapter, we focus on the behavior of colleges and universities in the markets for students. We begin by providing some background information on the pioneering work of economists on production, competition, and market structures. We then turn to the alternative goals and objectives that have been offered for postsecondary institutions. Unlike typical industries where the behavioral assumption is made that the organization is trying to maximize profits, postsecondary institutions have been described by economists as striving to maximize a range of things such as revenues, utility, prestige, or discretionary budgets. In the next section of the chapter we review the different structures that economists commonly use to describe product markets, and how postsecondary markets compare to these models. Following the discussion of market structures, we turn to the topic of competition in postsecondary education. Despite the impression that competition is something new to higher education, in fact colleges have a long history of competing with each other in ways that extend beyond athletics. In postsecondary education, colleges engage in price and non-price competition for students. The next topic that we cover is education production. Economists use a production function or model to describe how organizations convert inputs into outputs to work towards their goals. We believe that the production function analogy holds quite well for a number of reasons, and yet we will discuss some of the important differences in the production function between the typical for-profit sector and higher education that complicate the comparison. In the Extensions section, we discuss how online and distance education may affect the markets in which colleges and universities compete. Finally, in the Policy Focus section, we examine how states use funding formulas to distribute appropriations to public institutions and impact their behavior.

2 citations

Journal ArticleDOI

2 citations

Journal ArticleDOI
24 Feb 2011
TL;DR: In this paper, the authors test empirically the Schumpeterian premise that the incessantturbulence of an economy in motion, apart from a production function comprised of static inputs, is capable of explaining patterns of economic growth and change.
Abstract: This study tests empirically the Schumpeterian premise that the incessantturbulence of an economy in motion, apart from a production function comprised of static inputs, is capable of explaining patterns of economic growth and change. Localized employment churn"registered as job creation/destruction dynamics isused to account forvariations in U.S. metro-regional economic productivity performancesduring the 1986-99 period. The empirical results suggest that employment turnover and replacementdynamics have large and significant positive effects on localized productivity growth independent of a variety of industrial restructuring processes occurring simultaneously. While employment churn effectsare robust across U.S. Census regions, they do not exert a uniform influence on metro-regional productivity performances across time. Until 1996, job creation and destruction dynamics often canceled each other out as metro-regions underwent continued industrial restructuring. Since 1996, however, the positive effects on metro-region productivity growth have been consistently strong. In addition toa strong positiveeffect on productivity of the emergence of a localized IT sector, both an expanding service sector share of regional employment and a rising public spending share of regional outputexert powerful downward pressure on productivity growth rates.

2 citations


Cites methods from "Capital-labor substitution and econ..."

  • ...After differencing each time series to achieve stationarity and then applying the unit root tests for the first difference I(1), the results indicated that all time series were now stationary....

    [...]

  • ...In order to analyze the combined and separate effects of employment creation and destruction on localized productivity growth, this study adopts a Constant Elasticity of Substitution (CES) production function approach, of which a Cobb-Douglas function is a special case (Arrow et al., 1961)....

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Journal ArticleDOI
TL;DR: The NEST or potential emerging and growth-leading economies (EAGLEs) have been playing an increasing role in global growth, but the problems of their long-term growth attract the least attention.
Abstract: The NEST or potential Emerging and growth-leading economies (EAGLEs) have been playing an increasing role in global growth, but the problems of their long-term growth attract the least attention, s...

2 citations


Cites background or methods from "Capital-labor substitution and econ..."

  • ...The CES production function with the elasticity of factor substitution different from unity built by Arrow et al. (1961) has shown an increasing advantage over the Cobb–Douglas in studying economic growth, in particular, in testing the possibility of endogenous growth of an economy....

    [...]

  • ...Based on the neoclassical production theory and previous investigations (Arrow et al., 1961; Lagomarsino, 2017; Thach, 2020c), we put Igamma(0.001, 0.001) prior on the variance parameter (σ20), normal N(0,100) prior on parameter b0, uniform(0,1) prior on parameter δ. Previous studies suggest…...

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  • ...Arrow et al. (1961) eventually formulated the CES....

    [...]

References
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Journal ArticleDOI
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.

10,850 citations

Journal ArticleDOI

3,961 citations

Book
01 Jan 1956
TL;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

Book
01 Jan 1938

926 citations