Academic literature on the topic 'Elasticity of substitution'

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Journal articles on the topic "Elasticity of substitution"

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Soper, C. S. "THE ELASTICITY OF SUBSTITUTION." Economic Record 41, no. 96 (June 28, 2008): 539–48. http://dx.doi.org/10.1111/j.1475-4932.1965.tb03100.x.

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Nur Adistiya, Tiara, Veriani Aprilia, and Siska Ariftiyana. "Pengaruh substitusi terigu dengan kacang tunggak (Vigna unguiculata L.) dan ikan gabus (Channa striata) terhadap elastisitas dan warna MP-ASI mie basah." Teknologi Pangan : Media Informasi dan Komunikasi Ilmiah Teknologi Pertanian 15, no. 2 (September 30, 2024): 302–10. https://doi.org/10.35891/tp.v15i2.5254.

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Optimal growth and development in the first thousand days of life (1000 HPK) can be achieved by starting complementary feeding (CF) for infants aged 6-23 months to fulfill nutritional needs and prevent nutritional disorders such as stunting. CF noodle products with local food substitutions are cowpea and snakehead fish which are high in protein, soft textured, and without chemical additives for children aged 12-23 months. This study aimed to determine the effect of wheat substitution with cowpea and snakehead fish on the physical properties (water absorption, elasticity, color) in wet noodle C
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Headley, J. C. "Elasticity of Substitution: Some Confusion." Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie 30, no. 1 (November 13, 2008): 71–74. http://dx.doi.org/10.1111/j.1744-7976.1982.tb01966.x.

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Miyagiwa, Kaz, and Chris Papageorgiou. "Endogenous aggregate elasticity of substitution." Journal of Economic Dynamics and Control 31, no. 9 (September 2007): 2899–919. http://dx.doi.org/10.1016/j.jedc.2006.06.009.

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Growiec, Jakub, and Jakub Mućk. "ISOELASTIC ELASTICITY OF SUBSTITUTION PRODUCTION FUNCTIONS." Macroeconomic Dynamics 24, no. 7 (February 28, 2019): 1597–634. http://dx.doi.org/10.1017/s1365100518000950.

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We generalize the normalized constant elasticity of substitution (CES) production function by allowing the elasticity of substitution to vary isoelastically with (i) the relative factor share, (ii) the marginal rate of substitution, (iii) the capital–labor ratio, (iv) the capital share, (v) the capital’s rate of return, or (vi) the capital–output ratio. Ensuing isoelastic elasticity of substitution (IEES) functions have intuitively and analytically desirable properties, for example, self-duality. Empirically, for the post-war US economy we robustly reject the CES specification in favor of the
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Kang, Kichun. "Substitution Elasticity and Gains from Trade Variety in South Korea." Journal of Korea Trade 26, no. 7 (November 30, 2022): 1–18. http://dx.doi.org/10.35611/jkt.2022.26.7.1.

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Palivos, Theodore, and Giannis Karagiannis. "THE ELASTICITY OF SUBSTITUTION AS AN ENGINE OF GROWTH." Macroeconomic Dynamics 14, no. 5 (June 15, 2010): 617–28. http://dx.doi.org/10.1017/s1365100509000479.

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This paper characterizes the elasticity of factor substitution in one-sector convex growth models with a general production function. It shows that an elasticity of substitution that is asymptotically greater than unity is a sufficient (but not a necessary) condition for the existence of a lower bound on the marginal product of capital, which in turn can lead to unbounded endogenous growth. Hence, an elasticity of substitution that eventually becomes greater than unity can counteract the role of diminishing returns to capital. This renders factor substitution a powerful engine of growth.
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Klump, Rainer, and Anne Jurkat. "MONETARY POLICY, FACTOR SUBSTITUTION, AND CONVERGENCE." Macroeconomic Dynamics 22, no. 1 (August 3, 2016): 63–76. http://dx.doi.org/10.1017/s1365100516000481.

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In this paper, we examine the influence of monetary policy on the speed of convergence in a standard monetary growth model à la Sidrauski allowing for differences in the elasticity of substitution between factors of production. The respective changes in the rate of convergence and its sensitivities to the central model parameters are derived both analytically and numerically. By normalizing the constant elasticity of substitution (CES) production functions both outside the steady state and within the steady state, it is possible to distinguish between an efficiency and a distribution effect of
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Nakamura, Hideki, and Masakatsu Nakamura. "CONSTANT-ELASTICITY-OF-SUBSTITUTION PRODUCTION FUNCTION." Macroeconomic Dynamics 12, no. 5 (November 2008): 694–701. http://dx.doi.org/10.1017/s1365100508070302.

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We consider endogenous changes of inputs from labor to capital in the production of intermediate goods, i.e., a form of mechanization. We derive complementary relationships between capital accumulation and mechanization by assuming a Cobb–Douglas production function for the production of final goods from intermediate goods. A constant-elasticity-of-substitution production function in which the elasticity of substitution exceeds unity can be endogenously derived as the envelope of Cobb–Douglas production functions when the efficiency of inputs is assumed in a specific form. The difficulty of me
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Cheng, Maolin, and Bin Liu. "A novel method for calculating the contribution rates of economic growth factors." AIMS Mathematics 8, no. 8 (2023): 18339–53. http://dx.doi.org/10.3934/math.2023932.

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<abstract><p>The common production functions include the Leontief production function, the Cobb-Douglas (C-D) production function, the constant elasticity of substitution (CES) production function, the variable elasticity of substitution (VES) production function and so on. With different elasticity of substitution of factor, the production functions have different ranges of applications. In the production functions, the C-D production function is used the most widely because of its simple form, while the CES production function and the VES production function have limitations in a
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Dissertations / Theses on the topic "Elasticity of substitution"

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Cundy, Lance Deloyce. "Essays on the elasticity of intertemporal substitution." Diss., University of Iowa, 2018. https://ir.uiowa.edu/etd/6090.

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This dissertation estimates the elasticity of intertemporal substitution (EIS) of consumption using the Nielsen Consumer Panel. The Nielsen Consumer Panel is built from transactional data that follows households in the United States and their grocery purchases from 2004 to 2014. Because of the transactional nature of the dataset, there is a low source of measurement error in consumption, and aggregation bias can be minimized. Due to changes in the economy during this timeframe, the data is examined for structural breaks. The data suggests evidence for two structural changes in the U.S. economy
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STROPPA, GIACOMO. "ESSAY ON INVESTMENT AND THE ELASTICITY OF SUBSTITUTION." Doctoral thesis, Università degli Studi di Milano, 2020. http://hdl.handle.net/2434/713490.

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Standard models used to analyze business-cycle fluctuations rely on the Cobb-Douglas production function. In their paper, Cantore et al. (2015) (CLPY in the following) analyze if and to what extent the use of a Constant Elasticity of Substitution (CES) production function improves a standard medium-size Dynamic Stochastic General Equilibrium (DSGE) model. Extending a model similar to Christiano et al. (2005) and Smets and Wouters (2007) with the CES production function, they show that allowing for non-unitary elasticity of substitution (i.e., non-Cobb-Douglas production function) between input
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Jung, Jione. "Understanding the compas model assumptions, structure, and elasticity of substitution /." [Gainesville, Fla.] : University of Florida, 2004. http://purl.fcla.edu/fcla/etd/UFE0004225.

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Zamparelli, Luca. "Five essays on Neoclassical and Neo-Schumpeterian growth theory." Doctoral thesis, La Sapienza, 2005. http://hdl.handle.net/11573/916889.

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Wilson, Gregory Arthur. "Labor Substitution in U.S. Manufacturing." Thesis, Virginia Tech, 2000. http://hdl.handle.net/10919/31108.

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This paper presents a translog model designed to estimate the elasticity of substitution between capital, non-production workers, and production workers using U.S. manufacturing data for the period 1988 to 1997. The elasticity of substitution estimates derived from the translog model suggest that production workers and capital are substitutes, as well as non-production and production workers. Although the estimates do not provide conclusive evidence regarding the degree of substitutability between non-production workers and capital, they do indicate that the degree of substitutability betwee
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Gamlath, Sharmila. "Essays on variable elasticity of substitution, economic growth, and human capital outcomes." Thesis, Queensland University of Technology, 2016. https://eprints.qut.edu.au/97976/1/Sharmila_Gamlath_Thesis.pdf.

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This thesis uses alternative approaches to the modelling of technology and preferences to examine several macroeconomic issues. The diverse explorations carried out in the thesis make a novel contribution to the macroeconomics literature by providing interesting insights into the underlying factors that determine the manner in which growth, inequality, and political economy outcomes evolve in an economy over time. The results show that the degree of substitutability between resources in an economy is a major determinant of long-run economic outcomes, and hence carry some important implications
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Mao, Qi. "The elasticity of substitution for US energy price changes between 1947 and 2010." Thesis, Kingston University, 2017. http://eprints.kingston.ac.uk/41957/.

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Since energy price changes have been studies by much literature, this thesis tries to discuss it through the elasticity of substitution. More importantly, this thesis finds that the substitution effect itself cannot completely interpret the phenomenon of energy price changes. This is based on the results of the estimation of the AES, the MES and the CES, as well as some previous studies' results of negative substitution elasticities. This thesis adopts VECM, ADL and panel data as methodologies. Different data is also colelcted and analyzed. Most of the AES estimates are negative and the CES es
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Knoblach, Michael, and Fabian Stöckl. "What determines the elasticity of substitution between capital and labor? A literature review." Technische Universität Dresden, 2019. https://tud.qucosa.de/id/qucosa%3A32679.

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This paper reviews the status quo of the empirical and theoretical literature on the determinants of the elasticity of substitution between capital and labor. Our focus is on the two-input constant elasticity of substitution (CES) production function. By example of the U.S., we highlight the distinctive heterogeneity in empirical estimates of σ at both the aggregate and industrial level and discuss potential methodological explanations for this variation. The main part of this survey then focuses on the determinants of σ. We first review several approaches to the microfoundation of production
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Miller, Noah James. "Estimating elasticities of input substitution using data envelopment analysis." Thesis, Kansas State University, 2016. http://hdl.handle.net/2097/27656.

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Master of Science<br>Agricultural Economics<br>Jason S. Bergtold<br>The use of elasticities of substitution between inputs has become the standard method for addressing the effect of a change in the mix of input used for production from a technological or cost standpoint. (Chambers 1988) A researcher that wants to estimate this elasticity, or some other comparative static, typically would do so using parametric production or cost function (e.g. translog or normalized quadratic) with panel data. For a study with only cross-sectional data, the construction of such a function may be problematic.
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Baskurt, Ozge. "Financial Dollarization And Currency Substitution In Turkey." Master's thesis, METU, 2005. http://etd.lib.metu.edu.tr/upload/12606172/index.pdf.

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This study aims to investigate currency substitution and financial dollarization in Turkey. The extend of dollarization in Turkey appears to be very high according to both the conventional currency substitution and the recently developed financial dollarization measures. This has serious policy implications as a source of financial fragility through currency/maturity mismatches and balance sheet effects. The empirical part of this study contained an investigation of the long run relationships between the variables in a system containing currency substitution ratio, expected exchange rate cha
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Books on the topic "Elasticity of substitution"

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Bodenstein, Martin. Trade elasticity of substitution and equilibrium dynamics. Washington, D.C: Federal Reserve Board, 2008.

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McDaniel, Christine A. A discussion on Armington trade substitution elasticities. Washington, DC: Office of Economics, U.S. International Trade Commission, 2002.

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Vissing-Jorgensen, Annette. Limited asset market participation and the elasticity of intertemporal substitution. Cambridge, MA: National Bureau of Economic Research, 2002.

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Gruber, Jonathan. A tax-based estimate of the elasticity of intertemporal substitution. Cambridge, Mass: National Bureau of Economic Research, 2006.

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Patterson, K. D. The intertemporal elasticity of substitution in consumption in the US and the UK. Reading: University of Reading, Department of Economics, 1992.

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Young, Alwyn. Paasche vs. Laspeyres: The elasticity of substitution and bias in measures of TFP growth. Cambridge, MA: National Bureau of Economic Research, 1998.

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Griffith, Daniel A. Simulating K=3 Christaller central place structures: An algorithm using a constant elasticity of substitution consumption function. [Ann Arbor, MI]: Institute of Mathematical Geography, Michigan Document Services, 1989.

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Qian, Ying. Application of flexible functional forms to substitutability among metals in U.S. industries. Washington, DC: International Commodity Markets, International Economics Dept., World Bank, 1990.

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Abrego, Lisandro. Demand side considerations and the trade and wages debate. Cambridge, MA: National Bureau of Economic Research, 2000.

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Bairam, Erkin. Technical progress, elasticity of substitution and returns to scale in branches of Soviet industry: Some new empirical evidence using Soviet republic data, 1961-74. Hull: University of Hull, 1986.

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Book chapters on the topic "Elasticity of substitution"

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Helm, D. R. "Elasticity of Substitution." In The New Palgrave Dictionary of Economics, 3581–83. London: Palgrave Macmillan UK, 2018. http://dx.doi.org/10.1057/978-1-349-95189-5_468.

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Helm, D. R. "Elasticity of Substitution." In The New Palgrave Dictionary of Economics, 1–3. London: Palgrave Macmillan UK, 1987. http://dx.doi.org/10.1057/978-1-349-95121-5_468-1.

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Helm, D. R. "Elasticity of Substitution." In The New Palgrave Dictionary of Economics, 1–3. London: Palgrave Macmillan UK, 2008. http://dx.doi.org/10.1057/978-1-349-95121-5_468-2.

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Bliss, Christopher. "Elasticity of Intertemporal Substitution." In The New Palgrave Dictionary of Economics, 3577–81. London: Palgrave Macmillan UK, 2018. http://dx.doi.org/10.1057/978-1-349-95189-5_2560.

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Bliss, Christopher. "Elasticity of Intertemporal Substitution." In The New Palgrave Dictionary of Economics, 1–6. London: Palgrave Macmillan UK, 2008. http://dx.doi.org/10.1057/978-1-349-95121-5_2560-1.

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Xibao, Guo, and Su Fu. "Elasticity of Factor Substitution." In Dictionary of Contemporary Chinese Economics, 566–68. Singapore: Springer Nature Singapore, 2025. https://doi.org/10.1007/978-981-97-4036-9_240.

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Osumi, Yasuyuki. "Structural Change, Service Sector Features, and Aggregate Elasticity of Substitution." In Structural Change, Market Concentration, and Inequality, 11–25. Singapore: Springer Nature Singapore, 2024. http://dx.doi.org/10.1007/978-981-97-0930-4_2.

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Gapinski, James H., and T. Krishna Kumar. "On Estimating the Elasticity of Factor Substitution by Nonlinear Least Squares." In Advanced Studies in Theoretical and Applied Econometrics, 157–68. Dordrecht: Springer Netherlands, 1988. http://dx.doi.org/10.1007/978-94-009-3677-5_9.

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Ogaki, Masao, and Andrew Atkeson. "Rate of Time Preference, Intertemporal Elasticity of Substitution, and Level of Wealth." In Behavioral Interactions, Markets, and Economic Dynamics, 229–47. Tokyo: Springer Japan, 2016. http://dx.doi.org/10.1007/978-4-431-55501-8_8.

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Muellbauer, John. "Estimating the intertemporal elasticity of substitution for consumption from household budget data." In International Studies in Economics and Econometrics, 45–57. Dordrecht: Springer Netherlands, 1987. http://dx.doi.org/10.1007/978-94-009-3591-4_4.

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Conference papers on the topic "Elasticity of substitution"

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Buari, T. A., Festus Olutoge, and G. M. Ayininuola. "RELATIONSHIP BETWEEN COMPRESSIVE STRENGTH AND MODULUS OF ELASTICITY OF SELF CONSOLIDATING HIGH PERFORMANCE CONCRETES (SCHPCS) INCORPORATING GSA AS SCM." In International Conference on Emerging Trends in Engineering & Technology (IConETech-2020). Faculty of Engineering, The University of the West Indies, St. Augustine, 2020. http://dx.doi.org/10.47412/aktq7222.

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This experimental work evaluates the relationship between compressive strength and modulus of Elasticity of self-consolidating High performance concrete (SCHPC) containing high volume of Groundnut Shell Ash (GSA) up to 40% substitution as SCM. A total of 210 specimens of the GSA blended SCHPCs comprising 105 cubes (100 x100 mm) and 105 cylinders (150x300 mm) were cured in water for 7,14,28 ,56, 92,120 and 180 days hydration periods and the compressive strength and Modulus of elasticity determined. The linear relationships were studied with regression analysis. The findings revealed that all th
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Shi, Guo-Jun, and Mao-Lin Cheng. "Application of An Extended Constant Elasticity of Substitution Production Function Model." In Proceedings of the 5th Annual International Conference on Management, Economics and Social Development (ICMESD 2019). Paris, France: Atlantis Press, 2019. http://dx.doi.org/10.2991/icmesd-19.2019.9.

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Abdelkadir, Makani, Tafraoui Ahmed, Zaoiai Said, and Benmerioul Farid. "Influence of Fine Dune Sand on Modulus of Elasticity of Eco-Self-Compacting-Concrete." In The 2nd International Conference on Civil Infrastructure and Construction. Qatar University Press, 2023. http://dx.doi.org/10.29117/cic.2023.0099.

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The aim of this research was to study the effect of fine dune sand on the mechanical performance of Eco-Self-Compacting Concrete (SCC). For that, the fine dune sand of the Western erg (Taghit -Algeria) was being like mineral addition to formulate the SCC, and a comparison was carried out on their effect on the properties of SCC. Our study also showed that the substitution of fine dune sand (DS) by cement in the composition of the SCC, contributes to a slight variation of workability in the fresh state parameters still remaining in the field of SCC required by the AFGC recommendations. The expe
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Szomolányi, Karol, Martin Lukáčik, and Adriana Lukáčiková. "ESTIMATE OF THE ELASTICITY OF SUBSTITUTION IN SLOVAK ECONOMY – A FREQUENCY FILTER SUR MODEL." In 10th Economics & Finance Conference, Rome. International Institute of Social and Economic Sciences, 2018. http://dx.doi.org/10.20472/efc.2018.010.035.

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Puspita, Fitri Maya, Melisa Ulina, Evi Yuliza, and Sisca Octarina. "Mathematical model of information service pricing scheme based on utility functions of constant elasticity of substitution." In PROCEEDINGS OF THE 6TH NATIONAL CONFERENCE ON MATHEMATICS AND MATHEMATICS EDUCATION. AIP Publishing, 2022. http://dx.doi.org/10.1063/5.0096035.

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"The Elasticity of Capital - Land Substitution in the Housing Construction Sector of a Rapidly Urbanized City: Case Study of Ankara." In 10th European Real Estate Society Conference: ERES Conference 2003. ERES, 2003. http://dx.doi.org/10.15396/eres2003_150.

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Shihab HAMADI, Hanaa, Rafid Saeed ATEA, and Shaymaa Mahmood BADR. "EFFECT OF NANO SILICA ON PROPERTIES OF CONCRETE." In VI.International Scientific Congress of Pure,Applied and Technological Sciences. Rimar Academy, 2022. http://dx.doi.org/10.47832/minarcongress6-26.

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This study presents experimentally the collective consequence of using nano silica (NS) on mechanical properties of tough concrete. NS is cast-off as partial cement substitution by 1,1.5,2 wt% . Mechanical properties of hardened concrete are assessed expending different mixtures between NS. Important enhancement in the mechanical properties of concrete is experiential with NS due to its high pozzolanic activity approving the creation of advanced quantity of C–S–H gel in the existence of nanoparticles. Employing 2 wt% NS due to to improves properties of hardened concrete in increasing compressi
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Zulkarnain, Fahrizal, Mohd Zailan Sulieman, Rizki Efrida, Sri Frapanti, and Hilda Nisti Zendrato. "Effect of plastic substitution high-density polyethylene and coconut coir ash with added material of Viscocrete 8670 MN to the modulus of elasticity of concrete." In PROCEEDINGS OF THE 1ST INTERNATIONAL CONFERENCE ON ARTIFICIAL INTELLIGENCE, ADVANCED MATERIALS, AND MECHATRONICS SYSTEMS: AIAMMS2023, 050003. AIP Publishing, 2024. https://doi.org/10.1063/5.0240274.

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Václavík, Vojtěch, Jan Foltýn, Jiří Šafrata, and Tomáš Dvorský. "Use of Construction and Demolition Waste in Concrete Production." In 4th International Conference on Advances in Environmental Engineering. Switzerland: Trans Tech Publications Ltd, 2023. http://dx.doi.org/10.4028/p-q1apbv.

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This article presents the results of a research dealing with the use of construction and demolition waste - recycled concrete in the production of fresh concrete, as a partial substitute for natural aggregate. It describes the properties of concrete recyclate that is used for the proposed recipe of fresh concrete. The properties include the results of grain size analysis, bulk density and water absorption capacity. 2 recipes of fresh concrete were prepared for the research. Recipe 1 based on recycled concrete combined with natural aggregate fraction (fr.) 8/16 mm. Recipe 2 based on natural agg
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Muhodir, Sabih. "An Experimental Study On Concrete Containing Nano And/Or Micro Silica." In INTERNATIONAL CONFERENCE ON ARCHITECTURAL AND CIVIL ENGINEERING 2020. Cihan University-Erbil, 2021. http://dx.doi.org/10.24086/aces2020/paper.140.

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The effect of using Portland cement, nano silica (NS) and /or micro silica on the mechanical and physical properties of concretes containing fine aggregate only is investigated. Two groups divided into five series each have been designed and tested. The first group was containing the nano-silica only, while the second group contained different ratios of nano silica and a constant content of 8 % of silica fume (SF) (by weight) as partial replacement of cement. Water cementations ratio (w/c) of all mixtures was constant and equal to 0.22. The cement content in all series was 800 kg/m3. Commercia
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Reports on the topic "Elasticity of substitution"

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Crossley, Thomas F. Is the Elasticity of Intertemporal Substitution Constant? The IFS, May 2008. http://dx.doi.org/10.1920/ps.ifs.2024.0396.

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Best, Michael Carlos, James Cloyne, Ethan Ilzetzki, and Henrik Kleven. Estimating the Elasticity of Intertemporal Substitution Using Mortgage Notches. Cambridge, MA: National Bureau of Economic Research, August 2018. http://dx.doi.org/10.3386/w24948.

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Vissing-Jorgensen, Annette. Limited Asset Market Participation and the Elasticity of Intertemporal Substitution. Cambridge, MA: National Bureau of Economic Research, April 2002. http://dx.doi.org/10.3386/w8896.

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Gruber, Jonathan. A Tax-Based Estimate of the Elasticity of Intertemporal Substitution. Cambridge, MA: National Bureau of Economic Research, January 2006. http://dx.doi.org/10.3386/w11945.

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Dufour-Simard, Xavier, Pierre-Carl Michaud, and Michael Smart. Is the elasticity of taxable income mostly an income effect ? CIRANO, March 2025. https://doi.org/10.54932/xpae6815.

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We use variation in marginal tax rates and in tax bracket thresholds at which they apply in order to identify the substitution and income effects of tax reforms. We use a triple-difference estimator that exploits variation from subnational tax reforms, for which behavioral responses to taxes are identified e ven i n t he p r esence o f unobservable shocks to the income distribution. While high-income taxpayers respond more to tax changes, our results suggest this reflects much more the income or salience effects of tax reforms, rather than inherent heterogeneity in substitution effects. We dis
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Liu, Jing, Channing Arndt, and Thomas Hertel. Parameter Estimation and Measures of Fit in A Global, General Equilibrium Model. GTAP Working Paper, March 2003. http://dx.doi.org/10.21642/gtap.wp24.

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Computable General Equilibrium (CGE) models have been widely used for quantitative analysis of global economic issues. However, CGE models are frequently criticized for resting on weak empirical foundations. This paper builds on recent work in macro-econometric estimation, developing an approach to parameter estimation for a widely employed global CGE model, the Global Trade Analysis Project (GTAP) model. An approximate likelihood function is developed and the set of optimum elasticity values is obtained by maximizing this approximate likelihood function in the context of a back casting exerci
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Roy, Joyashree, Alan H. Sanstad, Jayant A. Sathaye, and Raman Khaddaria. Substitution and price elasticity estimates using inter-countrypooled data in a translog cost model. Office of Scientific and Technical Information (OSTI), June 2006. http://dx.doi.org/10.2172/918551.

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Young, Alwyn. Paasche vs. Laspeyres: The Elasticity of Substitution and Bias in Measures of TFP Growth. Cambridge, MA: National Bureau of Economic Research, July 1998. http://dx.doi.org/10.3386/w6663.

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Nevo, Aviv, and Arlene Wong. The Elasticity of Substitution Between Time and Market Goods: Evidence from the Great Recession. Cambridge, MA: National Bureau of Economic Research, July 2015. http://dx.doi.org/10.3386/w21318.

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Tohamy, Soumaya M., and J. Wilson Mixon. The Use of Cobb-Douglas and Constant Elasticity of Substitution Utility Functions to Illustrate Consumer Theory. Bristol, UK: The Economics Network, June 2002. http://dx.doi.org/10.53593/n142a.

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