Production Functions with Constant Elasticities of Substitution
TL;DR: In this article, the authors discuss the effect of different types of modifiers on the performance of different kinds of games. But they do not discuss the impact of different modifiers on each game.
Abstract: В статье рассматривается класс производственных функций с постоянной эластичностью замены безотносительно цен факторов, рассматривается случай, когда в процесс вовлекается больше чем два фактора.
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01 Jan 1970
TL;DR: In this article, a unified treatment of cost and production functions underlie the economic theory of production is presented, and the duality between cost function and production function is developed by introducing a cost correspondence, showing that these two functions are given in terms of each other by dual minimum problems.
Abstract: A sequel to his frequently cited Cost and Production Functions (1953), this book offers a unified, comprehensive treatment of these functions which underlie the economic theory of production.
The approach is axiomatic for a definition of technology, by mappings of input vectors into subsets of output vectors that represent the unconstrained technical possibilities of production. To provide a completely general means of characterizing a technology, an alternative to the production function, called the Distance Function, is introduced.
The duality between cost function and production function is developed by introducing a cost correspondence, showing that these two functions are given in terms of each other by dual minimum problems.
The special class of production structures called Homothetic is given more general definition and extended to technologies with multiple outputs.
Originally published in 1971.
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3,222 citations
TL;DR: Ebsco as mentioned in this paper focuses on additive and homogeneous production possibility frontiers that have played an important role in formulating statistical tests of the theory of production and characterizes the class of production possibility frontier that are homogeneous and additive.
Abstract: Focuses on additive and homogeneous production possibility frontiers that have played an important role in formulating statistical tests of the theory of production. Characterization of the class of production possibility frontiers that are homogenous and additive; Representation of the production possibility frontier; Statistical tests of the theory of production. (Из Ebsco)
2,619 citations
TL;DR: In this article, an industrial demand for energy is essentially a derived demand: the firm's demand for the energy is an input, derived from demand for a firm's output, which is an output.
Abstract: Industrial demand for energy is essentially a derived demand: the firm's demand for energy is an input is derived from demand for the firm's output. Inputs other than energy typically also enter the firm's production process. Since firms tend to choose that bundle of inputs which minimized the total cost of producing a giving level of output, the derived demand for inputs, including energy, depends on the level of output, the submitions possibilies among inputs allow by production technology, and the relative prices of all inputs.
1,422 citations
TL;DR: In this paper, the authors use the Shephard duality theorem to obtain a system of derived demand equations which are linear in the technological parameters, thus facilitating econometric estimation.
Abstract: The paper indicates how the Shephard duality theorem may be utilized in order to obtain a system of derived demand equations which are linear in the technological parameters, thus facilitating econometric estimation. This theorem states that technology may be equivalently represented by either a production function or a cost function, and a proof of the theorem is given. The chosen functional form is a quadratic form in the square roots of input prices and is a generalization of the Leontief cost function. The generalization has the property that it can attain any set of partial elasticities of substitution using a minimal number of parameters.
1,140 citations
TL;DR: In this article, the authors estimate economies of scale for U.S. firms producing electric power and conclude that a small number of extremely large firms are not required for efficient production.
Abstract: We estimate economies of scale for U.S. firms producing electric power. Cross-section data for 1955 and 1970 are analyzed using the translog cost function. We find that in 1955 there were significant scale economies available to nearly all firms. By 1970, however, the bulk of U.S. electricity generation was by firms operating in the essentially flat area of the average cost curve. We conclude that a small number of extremely large firms are not required for efficient production and that policies designed to promote competition in electric power generation cannot be faulted in terms of sacrificing economies of scale.
1,074 citations
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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.
1,947 citations