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- Title
Production functions with factor-oriented scale sensitivity.
- Authors
Vijverberg, Chu-Ping C.; Fei, John C.H.
- Abstract
It is not unreasonable to believe that most, if not all, important innovations are embodied in an industry's capital stock The notion that the efficiency of large scale of production is brought about mainly by a larger size capital stock or a more advanced one is not new. The purpose of this paper is to search for production functions that allow the scale elasticity to vary with respect to capital stock and, at the same time, contains desirable properties of diminishing returns to labor and/or factor substitutability. There are numerous SSWK production functions. However, the objectives of this paper are to, first of all, find a general way to generate the SSWK production functions, and secondly, to find those SSWK's with certain desirable properties.
- Subjects
PRODUCTION functions (Economic theory); CAPITAL stock; ECONOMIES of scale; LABOR; INELASTIC demand; ECONOMIC demand; ELASTICITY (Economics)
- Publication
Review of Economics & Statistics, 1996, Vol 78, Issue 2, p309
- ISSN
0034-6535
- Publication type
Article
- DOI
10.2307/2109933