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The Application of a Random Coefficient Model to the Problem of Estimating Aggregate Production Parameters

Author

Listed:
  • Vern Caddy

Abstract

This 1977 paper is about estimating elasticities for the ORANI model -- in particular the elasticity of substitution between capital and labour. Literature is surveyed, and a theoretical approach outlined. Then data and regression results are briefly discussed. From cross-sectional data, the average elasticity of substitution between capital and labour for Australian manufacturing is estimated to be 1.28. Please note: The PDF download of this fairly old paper is an optical scan of indifferent, but legible, quality

Suggested Citation

  • Vern Caddy, 1977. "The Application of a Random Coefficient Model to the Problem of Estimating Aggregate Production Parameters," Centre of Policy Studies/IMPACT Centre Working Papers op-10, Victoria University, Centre of Policy Studies/IMPACT Centre.
  • Handle: RePEc:cop:wpaper:op-10
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    File URL: http://www.copsmodels.com/ftp/workpapr/op-10.pdf
    File Function: Initial version, 1977-03
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    File URL: http://www.copsmodels.com/elecpapr/op-10.htm
    File Function: Local abstract: may link to additional material.
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    More about this item

    Keywords

    Production functions;

    JEL classification:

    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • C20 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - General

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