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- W2296235967 abstract "This paper presents a model of aggregate production in the conjugate dual, cost function framework. The model provides a technique to infer full equilibrium properties of a technology from the observed partial equilibrium data. In particular, we use a three-factor (KLE) model, assuming capital to be quasi-fixed in the short run, and therefore in disequilibrium, while assuming that labor and energy adjust rapidly to equi librium values. The partial equilibrium model is estimated using two sets of data: time series data on U.S. manufacturing (Berndt-Wood) and pooled data on OECD countries (Pindyck). The results are used to infer full equilibrium properties. These equilibrium levels of capital are compared with the observed disequilibrium data. Results indicate divergences between actual and full equilibrium levels of capital. This casts serious doubt on the validity of the equilibrium specification used by previous authors. Furthermore, substitution elasticities between the factors were computed for the partial-equilibrium (short-run) and full-equilibrium (long-run) situations. These values are then compared and contrasted with the original work of Pindyck, Berndt-Wood, and others which assumes all factors to be in equilibrium. We conclude that under an equilibrium framework, time series data give elasticity estimates that are close to short-run values obtained via the disequilibrium model, while pooled data give values close to long-run values. This analysis does not resolve the E-K substitutability/ complementarity controversy. However, we are able to eliminate the short-run versus long-run nature of the results as a cause of the controversy. An extension of this analysis, where the data construction and specification differences are taken into account, is suggested as a method to resolve this issue." @default.
- W2296235967 created "2016-06-24" @default.
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- W2296235967 date "2011-09-09" @default.
- W2296235967 modified "2023-09-26" @default.
- W2296235967 title "A partial equilibrium model of derived demand for production factor inputs" @default.
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- W2296235967 hasPublicationYear "2011" @default.
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