THE SPECIFICATION OF DYNAMICS IN COST FUNCTION AND FACTOR DEMAND ESTIMATION
成果类型：
Note
署名作者：
KOLSTAD, CD; LEE, JK
署名单位：
Bank of Korea
刊物名称：
REVIEW OF ECONOMICS AND STATISTICS
ISSN/ISSBN：
0034-6535
DOI：
10.2307/2110029
发表日期：
1993-11
页码：
721-726
关键词：
摘要：
This paper concerns the problem of properly specifying the dynamic structure of models of industry costs and factor demands. The paper compares three common frameworks: long-run costs with all factors assumed in equilibrium (Full Static Equilibrium), short-run costs with variable factors in short-run equilibrium (Partial Static Equilibrium) followed by computation of long-run costs, and short-run costs including internal capital adjustment costs (Partial Dynamic Equilibrium). The approach of the paper is to estimate a capital-labor-fuel-electricity model for six OECD countries (G7 less Italy) for the 1960-1989 period. Using the three different ''dynamic'' specifications, we obtain substantially different results in terms of factor demand, cross-price effects and technical change. The implication is that proper dynamic specification is critical. The Partial Dynamic Equilibrium model appears to behave most consistently across the cross-section.
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