Population Dynamics in Optimally Controlled Economic Growth Models: Case of Cobb-Douglas Production Function

Opuni-Basoa, S; Oduro, Francis T.; Okyere, Gabriel Asare

doi:10.9734/jamcs/2017/36753

Cited by 2 publications

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“…In economics, the study of the production function is very important. In 1928, Cobb and Douglas verified the relationship between the output and the input factors of labor and capital with a statistical approach in their study of American economic growth, and they first proposed the famous Cobb-Douglas production function (C-D production function), which has been applied widely [1][2][3]. However, the C-D production function's elasticity of substitution of factors is 1, which is inconsistent with reality.…”

Section: Introductionmentioning

confidence: 99%

A Grey CES Production Function Model and Its Application in Calculating the Contribution Rate of Economic Growth Factors

Cheng

2019

Complexity

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In analyses of economic growth factors, people generally use the CES (Constant Elasticity of Substitution) production function model to calculate the contribution rates of the factors that influence economic growth. However, the traditional CES function model that is built directly from economic data often shows apparent errors in parameter estimation due to data fluctuations. Such a model also may cause a negative calculation of the contribution rates of economic growth factors, or it may create abnormal fluctuations for some periods, and thus it fails to meet economic growth laws. In this paper, we propose a grey CES production function that can eliminate the random fluctuations of data and make the estimated parameters more reasonable, and this model can reflect the relationship between inputs and outputs more accurately. With regard to model application, the paper puts forward a scientific calculation method to avoid the calculation deviations caused by the substitution of difference equation for a differential equation with Solow’s formula. With the grey two-level nested CES production function model and the calculation method proposed, the paper makes an empirical analysis of the contribution rates of factors that influence China’s economic growth.

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Section: Introductionmentioning

confidence: 99%

A Grey CES Production Function Model and Its Application in Calculating the Contribution Rate of Economic Growth Factors

Cheng

2019

Complexity

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“…However, in current economic studies, the C-D production function and the CES production function is applied more widely than the VES production function. Many scholars have made a great number of studies on the C-D production function and the CES production function and offered many research achievements on production function [3,5,7,12,15,16,18,22].…”

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confidence: 99%

Application of a modified VES production function model

Cheng¹,

Liu²

2021

JIMO

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In the analyses on economic growth factors, researchers generally use the production function model to calculate the contribution rates of influencing factors to economic growth. The paper proposes a new modified VES production function model. As for the model's parameter estimation, the conventional optimization methods are complicated, generally require information like the gradient of objective function, and have the poor convergence rate and precision. The paper gives a modern intelligent algorithm, i.e., the cuckoo search algorithm, which has the strong robustness, can be realized easily, has the fast convergence rate and can be used flexibly. To enhance the convergence rate and precision, the paper improves the conventional cuckoo search algorithm. Using the new model, the paper gives a method calculating the contribution rates of economic growth influencing factors scientifically. Finally, the paper calculates the contribution rates of influencing factors to economic growth in Shanghai City, China.

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Population Dynamics in Optimally Controlled Economic Growth Models: Case of Cobb-Douglas Production Function

Cited by 2 publications

References 0 publications

A Grey CES Production Function Model and Its Application in Calculating the Contribution Rate of Economic Growth Factors

A Grey CES Production Function Model and Its Application in Calculating the Contribution Rate of Economic Growth Factors

Application of a modified VES production function model

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