Most studies in Vietnam use the Cobb-Douglas production function and its modifications for economic analysis. Extremely rigid presumptions are a main weak point of this functional form, particularly if the elasticity of factor substitution (ES) is equal to one, which hides the role of the ES for economic growth. The CES (constant elasticity of substitution) production function with more flexible presumptions, concretely its ES, is not unitary, and has been used more and more widely in economic investigations. So, this study is conducted to estimate the average ES through the specification of an aggregate CES function for the Vietnamese nonfinancial enterprises. By performing Bayesian nonlinear mixed-effects regression via Random-walk Metropolis Hastings (MH) algorithm, based on the data set of the listed nonfinancial enterprises of Vietnam, the author found that the CES function estimated for the researched enterprises has an ES lower than one, i.e., capital and labor are complimentary. This finding shows that Vietnamese nonfinancial enterprises can confront a downward trend of output growth.
A new subspecies of genus Leptopoma Pfeiffer, 1847 is described from Selawati Island, West New Guinea, Indonesia and compared to six other species and forms of this genus: Leptopoma melanostoma (Petit, 1841), Leptopoma niasense Fulton, 1907, Leptopoma perlucidum f. subalatum Quadras & Möllendorff, 1893, Leptopoma helicoides (Grateloup 1840), Leptopoma vitreum (Lesson, 1830) and Leptopoma stainforthi (Sowerby, 1842). It is characterized by a translucent shell, dark brown umbilicus, black outer lip and columella, narrow but raised peripheral rib, and wide dark brown umbilicus.
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