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The Morishima Elasticity of Substitution for the Variable Profit Function and the Demand for Imports in the United States

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  • Subhash C. Sharma

    (Southern Illinois University, U.S.A.)

Abstract

In this article, I derive expressions for the Morishima elasticities of substitution (MES) for the variable profit function and estimate these elasticities to shed some light on the substitutability between imports, capital services, and labor services. The results reveal that capital services and imports are Morishima substitutes, irrespective of whether the price of capital services or imports changes, and imports and labor services are also Morishima substitutes, irrespective of whether the price of imports or the wage rate changes. Thus, an increase in the price of U.S. imports (through tariffs or duties) will result in substitution (in the Morishima sense) into labor and capital services. Copyright 2002 by the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Resarch Association

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Bibliographic Info

Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 43 (2002)
Issue (Month): 1 (February)
Pages: 115-135

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Handle: RePEc:ier:iecrev:v:43:y:2002:i:1:p:115-135

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Cited by:
  1. Chapda Nana, Guy & Larue, Bruno, 2012. "Imposing Curvature Conditions on Flexible Functional Forms to GNP Functions," Working Papers 123308, University of Laval, Center for Research on the Economics of the Environment, Agri-food, Transports and Energy (CREATE).
  2. Egger, Hartmut & Egger, Peter & Greenaway, David, 2007. "Intra-industry trade with multinational firms," European Economic Review, Elsevier, vol. 51(8), pages 1959-1984, November.
  3. Agbola, Frank W. & Harrison, Stephen R., 2005. "Empirical investigation of investment behaviour in Australia's pastoral region," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 49(1), March.
  4. David I. Stern, 2004. "Elasticities of Substitution and Complementarity," Rensselaer Working Papers in Economics 0403, Rensselaer Polytechnic Institute, Department of Economics.
  5. Napasintuwong, Orachos & Emerson, Robert D., 2005. "Labor Substitutability in Labor Intensive Agriculture and Technological Change in the Presence of Foreign Labor," Working Papers 15649, University of Florida, International Agricultural Trade and Policy Center.
  6. Getu Hailu & John Cranfield & Rawlin Thangaraj, 2010. "Do U.S. food processors respond to sweetener-related health information?," Agribusiness, John Wiley & Sons, Ltd., vol. 26(3), pages 348-368.

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