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What is Elasticities of Substitution in Economics about?
This paper analyzes the Allen-Uzawa and Morishima elasticities of substitution using a Swiss dataset, demonstrating that constant returns to scale can be rejected and that elasticities differ significantly under homogenous versus non-homogenous technology. It employs a translog cost function and a translog distance function to estimate these elasticities, revealing that standard practices of reporting elasticity at the mean may be inadequate. The findings emphasize the importance of considering nonparametri
- Author
- nhon phan
- Language
- EN