Application of An Extended Constant Elasticity of Substitution Production Function Model

DOI

10.2991/icmesd-19.2019.9How to use a DOI?

Keywords

Production function, Economic growth, Contribution rate, Empirical analysis.

Abstract

Adopting constant elasticity of substitution production function model to calculate the contribution rate of each influential factor on economic growth when analyzing factors of economic growth is usually a major subject frequently researched. This paper makes an extension under general meaning of constant elasticity of substitution production function model structure, which is named “extended production function”. Compared with traditional method, this one is featured by fast convergence and high precision. When it comes to application of production function model to calculate factors’ contribution rate, traditional method generates big errors, while this paper gives a relatively precise method to calculate factors’ contribution rate. Finally we adopted this method to calculate the contribution rate of factors influencing economic growth in China, which resulted in a good effect and conformed to reality.

Copyright

© 2019, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Guo-Jun Shi
AU  - Mao-Lin Cheng
PY  - 2019/07
DA  - 2019/07
TI  - Application of An Extended Constant Elasticity of Substitution Production Function Model
BT  - Proceedings of the 5th Annual International Conference on Management, Economics and Social Development (ICMESD 2019)
PB  - Atlantis Press
SP  - 59
EP  - 65
SN  - 2352-5428
UR  - https://doi.org/10.2991/icmesd-19.2019.9
DO  - 10.2991/icmesd-19.2019.9
ID  - Shi2019/07
ER  -