Productivity measurement with non-static expectations and varying capacity utilization (Q1085030): Difference between revisions
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Latest revision as of 17:46, 17 June 2024
scientific article
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English | Productivity measurement with non-static expectations and varying capacity utilization |
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Productivity measurement with non-static expectations and varying capacity utilization (English)
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1986
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This article focuses attention on the implications for multifactor productivity measurement of increasing marginal adjustment costs for quasi-fixed inputs. A dynamic optimization model of an imperfectly competitive firm producing at a point of long-run non-constant returns to scale with increasing marginal adjustment costs on quasi-fixed inputs and non-static expectations provides a framework to capture variations in utilization, anticipating behavior and costs of adjustment as well as the effects of non-constant returns to scale on productivity growth. The resulting framework is applied to study the productivity growth in the U.S. manufacturing sector, 1947-1979.
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subequilibrium
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capacity utilization
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multifactor productivity measurement
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dynamic optimization
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productivity growth
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