Global Sensitivity of Neoclassical and Factor Proportions Models to Production Technology
AbstractThis paper pictures the global influence of various patterns of returns to scale in the general equilibrium model of production with two factors and two goods. Constant, increasing, and decreasing returns to scale at the sectoral level are explicitly specified. The changing slope and curvature of contract curves, isoquants, production frontiers, and relative price lines are examined under various Cobb-Douglas and exponential production functions. Fundamental properties of neoclassical and factory proportions theory are thus illustrated. [D50, F11]
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal International Economic Journal.
Volume (Year): 11 (1997)
Issue (Month): 3 ()
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- Panagariya, Arvind, 1980. "Variable returns to scale in general equilibrium theory once again," Journal of International Economics, Elsevier, vol. 10(4), pages 499-526, November.
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- Thompson, Henry, 2006. "The applied theory of energy substitution in production," Energy Economics, Elsevier, vol. 28(4), pages 410-425, July.
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- Hyeongwoo Kim & Henry Thompson, 2012.
"Wages in a Factor Proportions Model with Energy Input,"
Auburn Economics Working Paper Series
auwp2012-05, Department of Economics, Auburn University.
- Kim, Hyeongwoo & Thompson, Henry, 2014. "Wages in a factor proportions model with energy input," Economic Modelling, Elsevier, vol. 36(C), pages 495-501.
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