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Empirical Estimation of the Elasticity of Substitution : A Review

  • Vern Caddy
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    This review of time series and cross-sectional studies indicates that there is little agreement as to the "true" value of the elasticity of substitution. There appears to be no clear-cut explanation for the diversity of the estimates. Not only do the various studies attribute widely different absolute levels to the elasticity of substitution in the industries considered, but there is also no apparent consistency between the ordinal rankings of the industries within each study. There is however a general pattern of differences between the cross-sectional and time series estimates -- namely, the former are usually larger (averaging about 1) than the latter (averaging perhaps about 0.5). Please note: The PDF download of this fairly old paper is an optical scan.

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    File URL: http://www.copsmodels.com/ftp/workpapr/op-09.pdf
    File Function: Initial version, 1976-11
    Download Restriction: no

    File URL: http://www.copsmodels.com/elecpapr/op-09.htm
    File Function: Local abstract: may link to additional material.
    Download Restriction: no

    Paper provided by Victoria University, Centre of Policy Studies/IMPACT Centre in its series Centre of Policy Studies/IMPACT Centre Working Papers with number op-09.

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    Date of creation: Nov 1976
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    Handle: RePEc:cop:wpaper:op-09
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