CONSTRAINED JOINT ESTIMATION OF FACTOR DEMAND AND PRODUCTION FUNCTIONS.
Firms determine their demands for factors of production by finding the combination of factor inputs that will maximize profits or minimize costs, subject to a technological constraint , the production function. Because the production function is common to decisions for all factors, the factor demand...
| Publicado en: | Review of Economics & Statistics Vol. 52; no. 3; pp. 287 - 301 |
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| Autores principales: | , |
| Formato: | Artículo |
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MIT Press
Aug70
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=4643895&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4643895 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00346535 RMS jtl: Review of Economics & Statistics issn: 00346535 maglogo: N pubinfo: dt: Aug70 vid: 52 iid: 3 pid: 776 pub: MIT Press artinfo: ui: 4643895 10.2307/1926297 ppf: 287 ppct: 14 formats: tig: atl: CONSTRAINED JOINT ESTIMATION OF FACTOR DEMAND AND PRODUCTION FUNCTIONS. aug: au: Coen, Robert M. Hickman, Bert G. su: Production functions (Economic theory) Demand function Economic demand Economic models Profit maximization Gross national product Mathematical models of economics sug: subj: Production functions (Economic theory) Demand function Economic demand Economic models Profit maximization Gross national product Mathematical models of economics ab: Firms determine their demands for factors of production by finding the combination of factor inputs that will maximize profits or minimize costs, subject to a technological constraint , the production function. Because the production function is common to decisions for all factors, the factor demands must be interrelated; each factor demand function contains parameters from the underlying production function which also appear in other demand functions. Yet factor demand equations are commonly estimated independently, with the consequence that production function parameters implied by the different equation estimates may well be inconsistent. If the demand functions are to be included in a complete model of an economy, it is certainly desirable, if not essential, that they be consistent, i.e., that they imply a single set of parameters for the underlying production function. The production function estimated indirectly through the labor and investment demand relations will have a prominent role of its own in the complete model. It will be used to determine potential or full employment gross national product (GNP), while actual GNP will be determined by effective demand. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1970 holdings: @attributes: islocal: N |
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