Related papers: A Production Function with Variable Elasticity of …
The idea of this paper comes from the famous remark of Piketty and Zuckman: "It is natural to imagine that $\sigma$ was much less than one in the eighteenth and nineteenth centuries and became larger than one in the twentieth and…
The conventional functional form of the Constant-Elasticity-of-Substitution (CES) production function is a general production function nesting a number of other forms of production functions. Examples of such functions include Leontief,…
This paper presents the identification of heterogeneous elasticities in the Cobb-Douglas production function. The identification is constructive with closed-form formulas for the elasticity with respect to each input for each firm. We…
This paper studies inter-firm heterogeneity in production. Unlike much of the existing research, which primarily addresses heterogeneous production through unobserved fixed effects, our approach also focuses on differences in factors'…
In their seminal 1928 work, Charles Cobb and Paul Douglas empirically validated the Cobb-Douglas production function through statistical analysis of U.S. economic data from 1899 to 1923. While this established the function's theoretical…
This note observes that the Cobb-Douglas function is uniquely characterized by the property that, if the labour share of cost for a constant-returns-to-scale firm remains constant when the firm minimizes its cost for any given output level,…
Considering the production processes, it was noted that the use of various equipment leads to an increase in output -- the phenomenon that is usually described as the substitution of labor with capital. The proposed theory of substitution…
Charles Cobb and Paul Douglas in 1928 used data from the US manufacturing sector for 1899-1922 to introduce what is known today as the Cobb-Douglas production function that has been widely used in economic theory for decades. We employ the…
Heterogeneity of economic agents is emphasized in a new trend of macroeconomics. Accordingly the new emerging discipline requires one to replace the production function, one of key ideas in the conventional economics, by an alternative…
A production function $f$ is called quasi-sum if there are strict monotone functions $F, h_1,...,h_n$ with $F'>0$ such that $$f(x)= F(h_1 (x_1)+...+h_n (x_n)).$$ The justification for studying quasi-sum production functions is that these…
Each production establishment is assumed to have, at any given time, a unique combination of capital and labor (a Leontief function), but the aggregate output at that same time must still be modeled with a Cobb-Douglas function (or a CES,…
We examine the new production function developed by Chilarescu, and prove that under certain restrictions, the values of the elasticity can also be less than one. We will also prove that under certain restrictions on the parameters, the…
This paper presents a new nested production function that is specifically designed for analyzing capital and labor intensity of manufacturing industries in developing and developed regions. The paper provides a rigorous theoretical…
In this note we classify quasi-sum production functions with constant elasticity of production with respect to any factor of production and with proportional marginal rate of substitution.
We introduce a general Hamiltonian framework that appears to be a natural setting for the derivation of various production functions in economic growth theory, starting with the celebrated Cobb-Douglas function. Employing our method, we…
Productions functions map the inputs of a firm or a productive system onto its outputs. This article expounds generalizations of the production function that include state variables, organizational structures and increasing returns to…
The purpose of this study is to estimate the production function and examine the structure of production in the mining sector of Iran. Several studies have already been conducted in estimating production functions of various economic…
Organizations like U.S. Census Bureau rely on non-exhaustive surveys to estimate industry-level production functions in years in which a full Census is not conducted. When analyzing data from non-census years, we propose selecting an…
A new functional is presented for variational mesh generation and adaptation. It is formulated based on combining the equidistribution and alignment conditions into a single condition with only one dimensionless parameter. The functional is…
In this paper we study the volatility and its probability distribution function for the cumulative production based on the experience curve hypothesis. This work presents a generalization of the study of volatility in [1], which addressed…