The Allen/Uzawa Elasticity of Substitution as a Measure of Gross input Substitutability
AbstractThe Allen/Uzawa elasticity of substitution, still commonly used in the empirical studies to account for "net" substitutability, has been subject to a number of theoretical criticisms. In this paper we reconsider the Allen/Uzawa elasticity of substitution as a measure of "gross" substitutability, and show that to this relevant purpose it can be meaningfully interpreted in conjunction with the returns-to-scale properties of the technology.
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Bibliographic InfoArticle provided by SIE - Societa' Italiana degli Economisti (I) in its journal Rivista Italiana degli Economisti.
Volume (Year): 6 (2001)
Issue (Month): 1 (April)
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- Blackorby, Charles & Primont, Daniel & Russell, R. Robert, 2007.
"The Morishima Gross Elasticity of Substitution,"
The Warwick Economics Research Paper Series (TWERPS)
787, University of Warwick, Department of Economics.
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