超越对数函数要素替代弹性公式修正与估计方法比较

Formula Correction and Estimation Methods Comparison on Elasticity of Substitution within Translog Functions

对超越对数函数要素替代弹性估计方法进行专门研究,修正了超越对数生产函数要素替代弹性公式错误,梳理超越对数成本函数各类替代弹性定义,综合考虑数据易得性、估计可靠性、定义合意性以判定各类估计方法的相对优劣。研究发现,受困于共线性难题,基于超越对数生产函数计算替代弹性效果不佳;基于超越对数成本函数计算替代弹性更具优势,影子替代弹性凭借出色的理论性质与强稳健性成为首选。

This paper focuses on the estimation methods of elasticity of substitution within Translog functions. The formula of substitution elasticity in Translog production function is corrected, then various definitions of substitution elasticity under Translog cost function are detailed compared. We identifies the relative merits of various methods by con- sidering the data availability, estimation reliability and definition desirability. Main findings are. trapped in serious multicollinearity problems, calculating elasticity of substitution with- in Translog production function is not satisfactory; there are advantages of calculating elas- ticity of substitution with Translog cost function, meanwhile shadow elasticity of substitu- tion is an ideal choice owing to its remarkable theoretical properties and robustness.