The Structure of Technology Over Time: A Model for Testing the "Putty-Clay" Hypothesis
生产技术的跨期结构:检验 putty-clay 假说的模型
This paper develops an econometric model of production technology in terms of the ante-ex description of production possibilities. Ex ante and ex post substitution characteristics are allowed to differ from one another and parametric representations are derived which provide arbitrary second-order approximations to the true underlying characteristics. Nested in the maintained model are the specialized putty-putty, puttyclay, and structures of technology; and hypothesis tests…