• 论文 •

### 中国要素替代弹性估计

• 出版日期:2014-07-15 发布日期:2014-07-14

### Elasticity Estimates of Factor Substitution in China

Hao Feng & Shen Weiyan

• Online:2014-07-15 Published:2014-07-14

Abstract: As an important parameter in economics research, the elasticity of substitution (σ) plays a crucial role in economic growth and factor distribution of income.With China’s provincial data from 1978 to 2011, we use CES production function with general factor-augmenting technical progress to estimate σ series by variable parameter panel data model. The main findings are: (1) σ is significantly below unity (0.22-0.55), and shows an increasing trend in the Reform period; (2) so the labor-augmenting technical progress is capital-biased, which provides a reasonable explaination of decreasing labor’s income shares. At last, we give an outlook for future research.