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| Author: | Thomsen, T. |
| Title: | Short cuts to dynamic factor demand modelling |
| Journal: | Journal of Econometrics
2000 : JUL, VOL. 97:1, p. 1-24 |
| Index terms: | DEMAND COSTS SHADOW PRICES |
| Language: | eng |
| Abstract: | By means of so-called virtual or shadow prices, short-run factor demands, short-run marginal costs, etc. can be derived from any long-run cost function. The traditional approach (short-run/restricted/conditional/variable cost functions) is criticized, and it is also shown that technological change, scale effects, etc. can be added to any cost function by means of disembodied factor-augmenting efficiency indexes, easing the interpretations of the effects, but without loss of flexibility. |
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