Item Infomation
Title: | Uncovering the Link Between the Theoretical and Probabilistic Models of the Global Production Function: A Copula Approach |
Authors: | Armando, Sánchez-Vargas José Manuel, Márquez-Estrada Eric, Hernández-Ramírez |
Issue Date: | 2023 |
Publisher: | Springer |
Abstract: | We provide micro foundations for the global production function (GPF) based on the standard microeconomic model, and we develop a parallel probabilistic model with similar properties. The theoretical and probabilistic models of the GPF are integrated in the context of a technology choice problem. We construct a primitive, named the augmented transformation function, to obtain a GPF and its associated joint distribution that includes the output and labor-saving and capital-saving technological innovations. This type of primitive allows us not only to derive the theoretical GPF but also to consistently build a link between the substitutability microparameters (elasticities) and the probabilistic parameters (correlations). |
Description: | CC BY |
URI: | https://link.springer.com/article/10.1007/s40953-023-00342-1 https://dlib.phenikaa-uni.edu.vn/handle/PNK/7818 |
Appears in Collections | OER - Kinh tế và Quản lý |
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