Aggregating Quasi-fixed Factors |
Common terms and phrases
adjustment-cost model aggre aggregate capital AGGREGATING QUASI-FIXED FACTORS aggregation of capital Aggregation Theorem Analysis appropriate versions base period Blackorby Carathéodory characterized corresponding cost function data construction defined empirical envelope theorem F and f F satisfy factor demand studies function dual function f functional forms future rental prices gation of quasi-fixed H₁i H₂ż Hamilton-Jacobi equation homogeneous weak separability immediate implication index numbers Diewert infimum justifications for aggregating K₂L L.G. Epstein macro adjustment-cost problem macro problem macro production function marginal rate max z,L move proportionately observed rental prices optimal initial investment optimal path output permit Hicks possesses a solution price profiles production func profile P,W profit maximization proof of Theorem quasi-fixed stocks satisfying the appropriate scalar multiple scalar-valued function shadow price standard duality standard Hicks stochastic process Theorem 1(b tion total derivative UNIVERSITY OF TORONTO value functions versions of A.2-A.5