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Dynamic Factor Demands and Technology Measurement Under Arbitrary Expectations

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Abstract

Nous présentons un modèle dynamique de demande de facteurs de production basé sur un comportement de minimisation de l'espérance des coûts cumulatifs actualisés. Sous des hypothèses peu restrictives sur les anticipations et la technologie, nous établissons une relation de dualité entre les demandes courantes de facteurs et la technologie. Produits marginaux, rendements d'échelle et progrès technologique peuvent se calculer simplement à partir des demandes de facteurs. Nous illustrons à travers un exemple détaillé une façon de paramétriser et d'appliquer le modèle. 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 demands. Parametrization and implementation are illustrated in a detailed example.

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Bibliographic Info

Paper provided by Université du Québec à Montréal, Département des sciences économiques in its series Cahiers de recherche du Département des sciences économiques, UQAM with number 9509.

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Date of creation: Dec 1993
Date of revision: Jul 1995
Handle: RePEc:cre:uqamwp:9509

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Keywords: Dualité dynamique; Investissement; Anticipations; Demandes de facteurs de production; Rendements d'échelle; Progrès technique. Dynamic duality; Investment; Expectations; Expected future cost function; Factor demands; Returns to scale; Technological change.;

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  1. Shapiro, Matthew D, 1986. "The Dynamic Demand for Capital and Labor," The Quarterly Journal of Economics, MIT Press, vol. 101(3), pages 513-42, August.
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Cited by:
  1. Matteo Manera, 2006. "Modelling factor demands with SEM and VAR: an empirical comparison," Journal of Productivity Analysis, Springer, vol. 26(2), pages 121-146, October.
  2. Pierre Ouellette & Li Yan, 2006. "Investment and Dynamic DEA," RePAd Working Paper Series UQO-DSA-wp012006, Département des sciences administratives, UQO.
  3. Caputo, Michael R., 2003. "The comparative dynamics of closed-loop controls for discounted infinite horizon optimal control problems," Journal of Economic Dynamics and Control, Elsevier, vol. 27(8), pages 1335-1365, June.
  4. Frank Asche & Subal Kumbhakar & Ragnar Tveteras, 2008. "A dynamic profit function with adjustment costs for outputs," Empirical Economics, Springer, vol. 35(2), pages 379-393, September.
  5. Elvira Silva & Alfons Oude Lansink, 2013. "Dynamic Efficiency Measurement: A Directional Distance Function Approach," CEF.UP Working Papers 1307, Universidade do Porto, Faculdade de Economia do Porto.
  6. Krysiak, Frank C., 2006. "Stochastic intertemporal duality: An application to investment under uncertainty," Journal of Economic Dynamics and Control, Elsevier, vol. 30(8), pages 1363-1387, August.

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