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Please use this identifier to cite or link to this item: http://ntour.ntou.edu.tw:8080/ir/handle/987654321/46726

Title: Specification and Estimation of Asymmetric Adjustment Rates for Quasi-fixed Factors of Production
Authors: Ching-Cheng Chang;Spiro E.Stefanou
Contributors: 國立臺灣海洋大學:應用經濟研究所
Date: 1988
Issue Date: 2018-06-04T02:35:18Z
Publisher: Journal of Economic Dynamics and Control
Abstract: Introduction: The modeling of the dynamic cost of adjustment function typically adopts a ‘black box’ type of specification in order to capture all the forces that slow down the factor adjustment process. Despite the differences in methodologies, the analytical framework maintains an intertemporal profit maximization (or cost minimization) assumption, under which a flexible accelerator adjustment mechanism is obtained for the determination of dynamic factor demands functions. To date, empirical dynamic studies maintain symmetric adjustment rates reflecting the simplified feature that the same degree of sluggishness is held for both expansions and contractions of quasi-fixed factor levels. This paper details the specification and estimation problems involved in the asymmetric adjustment model. Using the dynamic duality approach that imbeds a multivariate flexible accelerator, the specification of asymmetric adjustment rates involves partitioning the dynamic factor demands into expansionary and contractionary regimes. One way to view the partitioning is as a two-stage decision process: whether to invest or divest and by how much. Thus, both the level of investment and the partitioning are endogenous. An application to panel data of Pennsylvania dairy operators is presented as an illustration.
Relation: 12(1) pp.145-151
URI: http://ntour.ntou.edu.tw:8080/ir/handle/987654321/46726
Appears in Collections:[應用經濟研究所] 期刊論文

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