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The Morishima Gross Elasticity of Substitution

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Author Info
Blackorby, Charles (University of Warwick)
Primont, Daniel (Southern Illinois University)
Russell, R. Robert (University of California, Riverside)

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Abstract

We show that the Hotelling-Lau elasticity of substitution, an extension of the Allen-Uzawa elasticity to allow for optimal output-quantity (or utility) responses to changes in factor prices, inherits all of the failings of the Allen-Uzawa elasticity identified by Blackorby and Russell [1989 AER]. An analogous extension of the Morishima elasticity of substitution to allow for output quantity changes preserves the salient properties of the original Hicksian notion of elasticity of substitution.

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Publisher Info
Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 787.

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Length: 22 pages
Date of creation: 2007
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Handle: RePEc:wrk:warwec:787

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Related research
Keywords: elasticity of substitution relative factor shares homotheticity

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Find related papers by JEL classification:
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity
D33 - Microeconomics - - Distribution - - - Factor Income Distribution

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Blackorby, Charles & Russell, R Robert, 1981. "The Morishima Elasticity of Substitution; Symmetry, Constancy, Separability, and Its Relationship to the Hicks and Allen Elasticities," Review of Economic Studies, Blackwell Publishing, vol. 48(1), pages 147-58, January. [Downloadable!] (restricted)
  2. Paolo Bertoletti, 2005. "Elasticities of Substitution and Complementarity: A Synthesis," Journal of Productivity Analysis, Springer, vol. 24(2), pages 183-196, October. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Yijian He & Subhash C. Sharma, 1995. "The Morishima Elasticity of Substitution for the Profit Function," Microeconomics 9502002, EconWPA, revised 17 Feb 1995. [Downloadable!]
  2. Bas Jacobs & Lans Bovenberg, 2008. "Optimal Taxation of Human Capital and the Earnings Function," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
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