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The Structure of Economies with Aggregate Measures of Capital: A Complete Characterization

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  • Charles Blackorby
  • William Schworm

Abstract

In this paper, we present the primal characterizations of the technologies that are consistent with capital aggregation. These characterizations are dual to the profit function restrictions obtained by Gorman and complete the closed-form production function restrictions obtained by Fisher. We use the result to solve a problem recently posed by Fisher. In addition, we pose and solve a natural extension of the usual capital aggregation problem.

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  • Charles Blackorby & William Schworm, 1984. "The Structure of Economies with Aggregate Measures of Capital: A Complete Characterization," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 51(4), pages 633-650.
    • Handle: RePEc:oup:restud:v:51:y:1984:i:4:p:633-650.
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    File URL: http://hdl.handle.net/10.2307/2297783
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    Cited by:

    1. Diewert, W. E. & Wales, T. J., 1995. "Flexible functional forms and tests of homogeneous separability," Journal of Econometrics, Elsevier, vol. 67(2), pages 259-302, June.
    2. William A. Barnett & Yi Liu, 1996. "The CAPM-Extended Divisia Monetary Aggregate with Exact Tracking under Risk," Finance 9602001, University Library of Munich, Germany.
    3. William A. Barnett & Yi Liu & Haiyang Xu & Mark Jensen, 1996. "The CAPM Risk Adjustment Needed for Exact Aggregation over Financial Assets," Econometrics 9602003, University Library of Munich, Germany.
    4. Jesus Felipe & Franklin M. Fisher, 2003. "Aggregation in Production Functions: What Applied Economists should Know," Metroeconomica, Wiley Blackwell, vol. 54(2‐3), pages 208-262, May.
    5. Miravete, Eugenio J., 2011. "Convolution and composition of totally positive random variables in economics," Journal of Mathematical Economics, Elsevier, vol. 47(4-5), pages 479-490.
    6. Xi Chen & Bertrand M. Koebel, 2017. "Fixed Cost, Variable Cost, Markups and Returns to Scale," Annals of Economics and Statistics, GENES, issue 127, pages 61-94.
    7. Thirtle, Colin, 1986. "Problems in the Definition and Measurement of Technical Change and Productivity Growth in the U.K. Agricultural Sector," Manchester Working Papers in Agricultural Economics 232790, University of Manchester, School of Economics, Agricultural Economics Department.
    8. Piotr Pietraszewski, 2016. "Microeconomic fundamentals of the aggregate production function with constant returns to scale," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 45.

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