[[Quite confusing and interesting]]

是 否 +2 論壇幣

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+2 論壇幣

Dear everyone

If a production function is homothetic, we can prove that its TRS is constant, so elastisity of subsititution=dln(tX1/tX2)/TRS(t)=dln(X1/X2)/TRS, so its elastisity of subsititution must be constant, so we can say this production function is a CES function, and can be written as

y=(X1^1/p + X2^1/p)^1/p

And we know this function is homogeneous of degree 1.

However, we know a homothetic function is not necessarily be homogeneous of degree 1.

Then, what is the matter here?

Thanks

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關(guān)鍵詞：interesting Confusing interest quite Using interesting quite Confusing

你使用CES方程有問(wèn)題，應(yīng)該是（x1^{1/p}+y1^{1/p}）^{p}才是一次齊次的。它之所以是一次齊次的，在于CES函數(shù)的特定性質(zhì)，要求替代彈性必須是不變的。