## Aggregating Quasi-fixed Factors |

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adjustment-cost model aggre aggregate capital AGGREGATING QUASI-FIXED FACTORS aggregation of capital Aggregation Theorem analysis appropriate versions base period Blackorby cation characterized constant price profiles corresponding cost function data construction defined duality theory envelope theorem Epstein l98l F and f F satisfy factor demand studies function f functional forms future rental prices G(pTK,L gation of quasi-fixed Hamilton-Jacobi equation highly aggregated input homogeneous weak separability immediate implication index numbers Diewert inf pTK justifications for aggregating L.G. Epstein macro problem macro production function marginal rate max z,L move proportionately numbers Diewert l976 observed rental prices optimal initial investment optimal path output permit Hicks possesses a solution price profile P,W production func production function dual profit maximization proof of Theorem quasi-fixed stocks rental price vector satisfying the appropriate scalar multiple scalar-valued function shadow price standard duality standard Hicks stochastic process Theorem l(b tion total derivative value functions versions of A.2-A.5