2 edition of Duality theory and functional forms for dynamic factor demands found in the catalog.
Duality theory and functional forms for dynamic factor demands
Larry G. Epstein
by Institute for Policy Analysis, University of Toronto in Toronto
Written in English
Bibliography: p. 45-48.
|Statement||Larry G. Epstein.|
|Series||Working paper series - Institute for Policy Analysis University of Toronto -- no. 7915|
|LC Classifications||QA402.5 E58|
|The Physical Object|
|Pagination||48 p. --|
|Number of Pages||48|
Duality Theory, Optimality Conditions Katta G. Murty, IOE , LP, U. Of Michigan, Ann Arbor We only consider single objective LPs here. Concept of duality not de ned for multiobjective LPs. EveryLPhasanotherLPcalledits dual, which sharesthe same data, and is derived through rational economic this context the original LP called the. The sensitivity of asset fixity conclusions, input adjustment rates, and elasticities to choice of functional form is examined using a dynamic dual model of U.S. agriculture. A very general initial specification allows tests of instantaneous adjustment to be performed for every input.
and economics, have developed the theory behind \linear programming" and explored its applications . This paper will cover the main concepts in linear programming, including examples when appropriate. First, in Section 1 we will explore simple prop-erties, basic de nitions and theories of linear programs. In order to illustrate. 2 FUNCTIONAL FORMS IN CONSUMER THEORY ∂L ∂λ = −Σn j=1 p xj + m =0 ⇒ Σn j=1 p αjx1 p1 α1 pj = m ⇒ p1 x1 α1 Σn j=1 αj = m ⇒ x1 = α1 Σn j=1 αj m p1 (6) Similarly for the other xk sothat we have xk(p,m)= αk Σn j=1 αj m pk (7) This demand equation is clearly homogeneous of degree zero in prices and Size: KB.
Duality theory and functional forms for dynamic factor demands. LG Epstein. The Review of Journal of Economic theory 41 (1), , Subjective probabilities on subjectively unambiguous events. LG Epstein, J Zhang. Econometrica 69 (2), , A two-person dynamic equilibrium under ambiguity. LG Epstein, J. Publisher Summary This chapter discusses positive optimum theory. The theory and application of welfare optimal public pricing are criticized for a number of reasons, particularly for the normative character of the welfare function, the excessive information requirements, and the lack of incentives for efficiency.
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Duality theory to deriving dynamic factor demand functions. The duality between the firm's technology and value function is established in Section 3. Section 4 discusses briefly the issue of flexibility of functional forms in a dynamic framework and presents some examples of functional forms for J and factor demands that seem well-suited for.
Factor demand modelling speciﬁcation of the adjustment process is derived from an explicit theoretical framework. The above two strands of contributions, however, did not work separately, and since the s dynamic models using ﬂexible functional forms have been widely used in the literature.
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Download PDF: Sorry, we are unable to provide the full text but you may find it at the following location(s): ?si (external link)Author: Larry G Epstein. Duality Theory and Functional Forms for Dynamic Factor Demands. Dynamic Stability Consistent Aggregation, and the Beha\rior of the Steady State.
Economic Dynamics: Methods and Models 2d ed. Equity. In this paper we estimate a model of production and investment based on the theory of dynamic duality. We are particularly interested in the effects of R&D spillovers and in calculating the social and private rates of return.
There are three effects associated with the intra-industry R&D spillover. Short‐ and long‐run own‐ and cross‐price elasticities of factor demands are estimated for domestic and imported tobaccoes, materials, tobacco stocks, and capital. Output demand elasticities are also estimated.
The two outputs, cigarettes produced for export and for the US market, are examined for equality of marginal costs. The objective of this paper is to describe a practical procedure for generating a large class of functional forms for dynamic factor demand functions that can.
Epstein  identifies a general class of value functions which yield a flexible accelerator factor demand model, and also derives a set of properties of the value function based on dynamic profit maximization to guide the specification of functional forms (see Epstein and Den ny  for the case of intertemporal cost minimization).
Technical change, input substitution and the specification of dynamic factor demands Cited by: 2. The five panels of figure 2 show the duality mapping among the production function, the product supply equation, the derived factor demand equation related to output price, and the indirect profit function.
Panel (a) of this figure shows the production function, panel (b) is the inverse factor demand equation with. Flexible-Functional Forms and Second-Order Series Approximations of the Production Function Choice of Functional Form Based on Solutions to Functional Equations Functional Forms for Distance Function Analysis Functional Forms for Cost Analysis Generalized Leontief Generalized CobbÐDouglas File Size: KB.
exploring the main concepts of duality through the simple graphical example of building cars and trucks that was introduced in Section Then, we will develop the theory of duality in greater generality and explore more sophisticated applications. A Graphical Example Recall the linear program from Sectionwhich determines the File Size: KB.
Duality Theory and Approximate Dynamic Programming Another promising approach to approximate solution of dynamic portfolio choiceproblemsisbasedontheequivalentlinearprogrammingformulationof the dynamic program (see, for example, de Farias and Van Roy,).
We present a dynamic model of factor demands based on expected discounted costs minimization. While making only very mild assumptions on expectations and technology, we are able to establish a duality relationship between contemporary factor demands and the technology, and we provide formula for easily recovering marginal products, returns to scale, and technological change from estimated factor by: Economic meanings of the obtained subdifferential estimates are explained in details.
Diewert (b Diewert () (awere survey papers on these applications of duality theory to producer and consumer theory. The counterpart to Shephard's Lemma in the multiple output and input case was first worked out byHotelling. where pi is the ith input price, C is the equilibrium total cost, y is output, t is a time trend.
Sheppard’s lemma, differentiating the long run cost function with respect to each of the factor. input prices generates the firm’s long run cost minimising factor demands.
From reproduction to production: a Marxist approach to economic anthropology. Claude Meillassoux. Year of publication: Authors: Meillassoux, Claude: Duality theory and functional forms for dynamic factor demands. Epstein, Larry G., () More Similar items by person. Ostentation, destruction, reproduction.
Donaghy K.P., Richard D.M. () Flexible functional forms and generalized dynamic adjustment in the specification of the demand for money.
In: Gandolfo G. (eds) Continuous-Time Econometrics. International Studies in Economic by: 2. Duality methods for the incomplete systems of consumer demand equations are adapted to the dual structure of variable cost function in joint production.
This allows the identification of necessary and sufficient restrictions on technology and cost so that the conditional factor demands can be written as functions of input prices, fixed inputs.
This entry concerns dualism in the philosophy of mind. The term ‘dualism’ has a variety of uses in the history of thought. In general, the idea is that, for some particular domain, there are two fundamental kinds or categories of things or principles.
In theology, for example a ‘dualist’ is someone who believes that Good and Evil—or. The paper reviews the application of duality theory in production theory. Duality theory turns out to be a useful tool for two reasons: (i) it leads to relatively easy characterizations of the properties of systems of producer derived demand functions for inputs and producer supply functions for outputs and (ii) it facilitates the generation of flexible functional forms for producer demand and supply functions Author: Erwin Diewert.Density functional theory provides a powerful tool for computations of the quantum state of atoms, molecules and solids, and of ab-initio molecular dynamics.
It was conceived in its initial na¨ıve and approximative version by Thomas and Fermi immediately after the foundation of quantum me- chanics, in Comparative Statics Relations Using Duality Theory Reciprocity Conditions Cost Curves in the Short and Long Run Factor Demands in the Short and Long Run Relation to Profit Maximization Elasticities; Further Properties of the Factor Demand Curves Homogeneity Output Elasticities The Average Cost Curve File Size: 5MB.