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dc.contributor.authorKümmel, Reineren_US
dc.contributor.authorSchmid, Jörgen_US
dc.contributor.authorAyres, Robert U.en_US
dc.contributor.authorLindenberger, Dietmaren_US
dc.description.abstractThe equilibrium conditions for an economic system that produces output with several factors of production and which is subject to technological constraints are derived. Optimization of either output minus cost or integrated utility yields the conditions that output elasticities must be equal to a modification of the usual factor cost shares, where shadow prices due to the constraints add to factor prices. In a model, where capital, labor and energy (exergy) are the factors of production, the technological constraints are identified as limits to capacity utilization and automation. The shadow prices depend on the output elasticities. These elasticities are determined for Germany, Japan and the USA by econometric estimations of energy-dependent production functions that are derived from the twice differentiability requirement and the law of diminishing returns.en_US
dc.publisherEnergiewirtschaftliches Inst. an der Univ. Köln Kölnen_US
dc.relation.ispartofseriesEWI Working Paper 08,02en_US
dc.subject.keywordtechnological constraintsen_US
dc.subject.keywordshadow pricesen_US
dc.subject.keywordoutput elasticitiesen_US
dc.subject.keywordeconomic growthen_US
dc.titleCost shares, output elasticities, and substitutability constraintsen_US
dc.typeWorking Paperen_US
Appears in Collections:EWI-Arbeitspapiere, Energiewirtschaftliches Institut, Universität Köln

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