Production, Multi-Sectoral Growth and Planning (eBook)

Essays in Memory of Leif Johansen

F.R. Forsund, M. Hoel, S. Longva (Herausgeber)

eBook Download: PDF

2014 | 1. Auflage
354 Seiten
Elsevier Science (Verlag)
978-1-4832-9748-4 (ISBN)

Infos

Professor Leif Johansen's contributions to economic science are well documented in his articles and essays for economic journals, symposium volumes and Festschrifts, all of which are to be published by North-Holland. When initiating the idea of this collection, Professor Dale W. Jorgenson also suggested a memorial volume by associates and others that would include papers devoted to research topics directly inspired by Leif Johansen. In the present volume this idea is realised. Three topics are covered: production theory, multisectoral growth models and planning. The papers presented here were either under work at the time of Leif Johansen's death or prepared especially for this volume.

Inhalt

Front Cover 1
Production, Multi-Sectoral Growth and Planning: Essays in Memory of Leif Johansen 4
Copyright Page 5
Table of Contents 12
Introduction to The Series 6
EDITORS' PREFACE 8
CHAPTER 1. LEIF JOHANSEN'S CONTRIBUTIONS TO THE THEORY OF PRODUCTION, PLANNING, AND MULTISECTORAL GROWTH 18
1. Production theory 18
2. Multisectoral models and macroeconomic planning 23
References 25
CHAPTER 2. AN INTERCOUNTRY COMPARISON OF CEMENT PRODUCTION: THE SHORT-RUN PRODUCTION FUNCTION APPROACH 28
1. Introduction 28
2. The construction of the short - run industry production function 31
3. The activity regions 34
4. Data 37
5. Individual country analyses 41
6. Intercountry comparisons 48
7. Tentative conclusions 55
References 56
CHAPTER 3. ESTIMATION OF THE CAPACITY DISTRIBUTION OF AN INDUSTRY: THE SWEDISH DAIRY INDUSTRY 1964-1973 60
1. Introduction 60
2. The distribution approach 61
3. Estimation of the capacity distribution 63
4. The beta - capacity distribution 64
6. Concluding remarks 72
Appendix 1 73
Appendix 2 75
Appendix 3 76
Notes 77
References 79
CHAPTER 4. PROPERTIES OF PRODUCTION AND PROFIT FUNCTIONS ARISING FROM THE AGGREGATION OF A CAPACITY DISTRIBUTION OF MICRO UNITS 82
Part I. Survey of results 82
Part II. Precise definitions and results 87
Appendix 99
References 101
CHAPTER 5. FLUCTUATIONS AND FACTOR PROPORTIONS: PUTTY-CLAY INVESTMENTS UNDER UNCERTAINTY 104
1. Introduction 104
2. Plant design and capacity utilization 106
3. Optimal plant designs 108
4. The impact of fluctuations 111
5. Economic interpretations 113
6. Concluding remarks 122
Appendix 122
Notes 123
References 124
CHAPTER 6. THE INTERPLAY BETWEEN SECTORAL MODELS BASED ON MICRO DATA AND MODELS FOR THE NATIONAL ECONOMY 126
1. Introduction 126
2. Micro–based models for one sector 128
3. The interaction between sectoral models and models for the national economy 132
4. Some further considerations 136
Notes 139
References 140
CHAPTER 7. EXTENSIONS AND APPLICATIONS OF THE MSG–MODEL: A BRIEF SURVEY 144
1. Introduction 144
2. A stylized version of the MSG–model 145
3. The MSG–model and the development of CGE–modelling 153
4. Extensions of the MSG–model 160
5. Concluding remarks 169
Appendix 172
Notes 173
References 174
CHAPTER 8. A VERSION OF THE MSG–MODEL WITH PUTTY–CLAY AND VINTAGE TECHNOLOGY 180
1. Introduction 180
2. The framework 181
3. The model 188
4. Some extensions 195
Appendix 197
References 202
CHAPTER 9. THE MULTI-SECTORAL GROWTH MODEL MSG–4. FORMAL STRUCTURE AND EMPIRICAL CHARACTERISTICS 204
1. Model background and history 204
2. Choice of theoretical content in an equilibrium model to be used in long–term macroeconomic planning 206
3. Economic and formal structure of MSG–4 212
4. Empirical characteristics of MSG–4 illustrated by long–term total elasticities 230
Appendix 248
Notes 252
References 253
CHAPTER 10. ON THE INTRODUCTION AND APPLICATION OF THE MSG–MODEL IN THE NORWEGIAN PLANNING SYSTEM 258
1. Institutional background 258
2. The first steps in applying the MSG–model 264
3. A short survey of applications 270
4. Political and administrative aspects of utilizing the MSG–model 272
5. Some reflections on the future of the MSG–model and its applications 277
References 279
CHAPTER 11. THE USE OF THE MSG–MODEL IN PREPARING A "PERSPECTIVE ANALYSIS 1980–2000" FOR THE NORWEGIAN ECONOMY 288
1. Introduction 288
2. Diminished perspectives for growth 289
3. Medium-term problems and long–run efficiency 296
4. Uncertainty and strategies 300
References 304
CHAPTER 12. CERTAINTY EQUIVALENCE PROCEDURES IN DECISION–MAKING UNDER UNCERTAINTY: AN EMPIRICAL APPLICATION 306
1. The Johansen approach to certainty equivalence procedures in decision–making under uncertainty 306
2. An illustration of the parametric certainty equivalence procedure 310
3. Static and dynamic optimization in a two–period context 313
4. A multi–period framework with stochastic rates of return 318
5. Preference functions derived from macroeconomic projections 326
6. A strategy for optimal consumption under uncertainty: empirical applications 334
References 346
AUTHOR INDEX 348
SUBJECT INDEX 350

Produkt-Details

• Erscheint lt. Verlag: 28.6.2014
• Sprache: englisch
• Themenwelt: Technik
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Ökonometrie
• ISBN-10: 1-4832-9748-9 / 1483297489
• ISBN-13: 978-1-4832-9748-4 / 9781483297484