Modelling factor demands with SEM and VAR: an empirical comparison

The empirical analysis of the economic interactions between factors of production, output and corresponding prices has received much attention over the last two decades. Most contributions in this area have agreed on the neoclassical principle of a representative optimizing firm and typically use theory-based structural equation models (SEM). A popular alternative to SEM is the vector autoregression (VAR) methodology. The most recent attempts to link the SEM approach with VAR analysis in the area of factor demands concentrate on single-equation models, whereas no effort has been devoted to compare these alternative approaches when a firm is assumed to face a multi-factor technology and to decide simultaneously the optimal quantity for each input. This paper bridges this gap. First, we illustrate how the SEM and the VAR approaches can both represent valid alternatives to model systems of dynamic factor demands. Second, we show how to apply both methodologies to estimate dynamic factor demands derived from a cost-minimizing capital-labour-energy-materials (KLEM) technology with adjustment costs (ADC) on the quasi-fixed capital factor. Third, we explain how to use both models to calculate some widely accepted indicators of the production structure of an economic sector, such as price and quantity elasticities, and alternative measures of ADC. In particular, we propose and discuss some theoretical and empirical justifications of the differences between observed elasticities, measures of ADC, and the assumption of exogeneity of output and/or input prices. Finally, we offer some suggestions for the applied researcher.      

A model of task demands,social structure,and leader–member exchange and their relationship to job satisfaction

In the present study, we examine task demands, leader–member exchange, and social structure in their relationship to job satisfaction. Based on the reflections of Seers and Graen in their dual attachment model, in the present study we combined task demands, leader–member exchange, and social structure in a model of antecedents of job satisfaction. The resulting model was tested using structural equation modelling. While task demands and leader–member exchange are related to their respective equivalents in job satisfaction, social structure is positively related to a latent factor job satisfaction, indicating that the social structure of a job has an impact on different facets of job satisfaction. The results are discussed with respect to sample characteristics.     

THE INTERTEMPORAL DIMENSION OF NEOCLASSICAL PRODUCTION THEORY

Abstract. The aim of this survey paper is to provide a guide to the literature on optimal dynamic factor demands to the non-specialist reader interested in applied work. We start with the distinction between variable and quasi-fixed factors of production and use these to characterize the firm's temporary equilibrium. We then review the optimal intertemporal behaviour of the firm, using the notion of adjustment costs as a means to solve the firm's optimization problem. This process gives rise to a system of interrelated dynamic factor demands in a flexible accelerator format. Theoretical difficulties and empirical limitations of this model are discussed. This fact leads us to review the theory of intertemporal duality. We next analyze the issue of expectations in this class of dynamic models. A section reviewing the empirical work on dynamic factor demands follows, after which we offer some concluding remarks.     

《电力电子技术》教学改革与实践的探讨

电力电子技术已经逐渐成为综合性、多学科渗透的一门科学,其新内容的不断涌现,使得对教学要求不断提高。如何才能紧跟电力电子技术的发展步伐,搞好教学工作,是摆在我院对电力电子技术教学方面的一个问题。只有在理论教学和实验教学两方面进行改革,充分联系学生的实际情况,激发学生的学习欲望,锻炼学生的实践操作能力,才能满足当今社会对人才的需求。     

New Pedagogy and New Content: The Case of Statistics

Statistical education now takes place in a new social context. It is influenced by a movement to reform the teaching of the mathematical sciences in general. At the same time, the changing nature of our discipline demands revised content for introductory instruction, and technology strongly influences both what we teach and how we teach. The case for substantial change in statistics instruction is built on strong synergies between content, pedagogy, and technology. Statisticians who teach beginners should become more familiar with research on teaching and learning and with changes in educational technology. The spirit of contemporary introductions to statistics should be very different from the traditional emphasis on lectures and on probability and inference.     

嵌入式智能家居系统实训平台设计

嵌入式技术是继IT网络技术之后,又一个新的信息技术发展方向。嵌入式技术发展潜力巨大,很多院校都开设嵌入式技术专业,但是由于专业门槛高,市场需求动手能力强的毕业生。所以,在嵌入式专业的课程中实践训练环节就必不可少。为此我们开发了一套智能家居系统实训平台来满足师生及有关工程技术人员嵌入式项目开发、嵌入式综合实训、嵌入式竞赛等。     

Cost and Production Duality: The Case of the Regulated Firm

This paper examines a generalization of cost-production duality for regulated firms. It derives an equivalency between the production function and conditional factor demands for the case where the firm's optimization problem is subject to a set of additional (regulatory) constraints. This procedure is extended to an optimization problem within a dynamic framework which leads to the recovery of the firm's technology.     

Estimating Input–Output Factor Demand Equations: Some Results on Hanoch's HCDES Production Function

In this paper, we estimate a factor demand system based on Hanoch's homogeneous constant differences of elasticities of substitution production function under a newly proposed specification of the contemporaneous covariance matrix. This admits that the variances of the factor demands may be different but, nevertheless, does not ask for many observations.     

Piracy and Competition

The effects of (private, small-scale) piracy on the pricing behavior of producers of information goods are studied within a unified model of vertical differentiation. Although information goods are assumed to be perfectly differentiated, demands are interdependent because the copying technology exhibits increasing returns to scale. We characterize the Bertrand–Nash equilibria in a duopoly. Comparing equilibrium prices to the prices set by a multiproduct monopolist, we show that competition drives prices up and may lead to price dispersion. Competition reduces total surplus in the short run but provides higher incentives to create in the long run.     

《机械制图》教学改革之探索

当今科技迅猛发展,机械制造业向高、精、尖的纵向深入对工科学生的绘图、识图能力提出了更高、更新的要求。《机械制图》课程应在教学内容、教学方法、教学模式及手段、考核方法等方面进行改革,以适应新时代的需要,快速、有效地培养学生的空间想象力,提高其综合工程素质及创新能力。     

On estimating dynamic factor demands

Many recent empirical studies on inter-related factor demands involve factor demand functions whose arguments depend on the researcher's arbitrary normalization rule. This paper shows how sensitive the estimated elasticities are to the various normalizations that are possible. Alternatives that are not dependent on a normalization are suggested.     

A conceptual review of the love-hate relationship between technology and successful aging at work: Identifying fits and misfits through job design

Previous research suggests that technology can both enhance and undermine successful aging. However, few studies have combined insights on aging and technology in the work context. This paper aims to contribute to the literature on successful aging at work and STAARA technology by integrating these two literature streams through a job design perspective in a conceptual review. Based on insights from the literature on successful aging at work and technology we propose that STAARA technology can facilitate successful aging at work by reducing physical and emotional demands and increasing skill variety, autonomy, and support. Whereas STAARA technology can also harm successful aging at work by reducing autonomy, skill variety, and social support. Self-regulatory behaviors, an open workgroup climate, and HRM practices can help to minimize the potential misfit between technology and aging at work, whereas age discrimination is an important constraint. The propositions of this paper should be tested in future research.     

Interrelated Factor Demands and Technological Change: An Empirical Assessment of Adjustment for Sectors of the Dutch Economy

Using a translog cost functional form, a formal operational model with an adjustment process according to a first-order autoregressive scheme is presented, that allows the simultaneous determination of factor demands and of technological change in an input–output system. The analysis is carried out for sectors of the Dutch economy over the period 1954–83 and it reveals evidence of the dependence of factor demands on relative prices and on technological change.     

计算机技术和网络技术在机房管理中的应用

人类进入21世纪以来,科学技术得到了空前的发展。随着计算机技术的飞速发展,特别是计算机互联网的全面普及,信息资源的共享和应用日益广泛与深入。掌握信息技术以及利用信息技术获取信息的能力已成为当今社会对人才基本素质的要求。而公共机房则主要承担计算机方面的教学任务以及掌握信息技术实践的场所。所以,机房的管理的好与坏就非常重要了。     

建筑幕墙工程的设计及施工质量控制

近年来我国建筑装饰需求不断增长,尤其是人们对高品位的建筑装饰追求不断增多,对建筑装饰装修行业及从业人员提出了新的要求,即建筑装饰工程技术人员需要对多学科交叉的建筑装饰技术有更深刻的理解和认识。新兴的建筑幕墙工程建设内容包括设计、安装施工及保养等方面,工程技术人员要严把工程各环节的质量关,才能保证幕墙工程的整体质量。     

建筑幕墙工程的设计及施工质量控制

近年来我国建筑装饰需求不断增长,尤其是人们对高品位的建筑装饰追求不断增多,对建筑装饰装修行业及从业人员提出了新的要求,即建筑装饰工程技术人员需要对多学科交叉的建筑装饰技术有更深刻的理解和认识。新兴的建筑幕墙工程建设内容包括设计、安装施工及保养等方面,工程技术人员要严把工程各环节的质量关,才能保证幕墙工程的整体质量。     

Further model-based estimates of US total manufacturing production capital and technology, 1949–2005

Production capital and technology (i.e., total factor productivity) in US manufacturing are fundamental for understanding output and productivity growth of the US economy but are unobserved at this level of aggregation and must be estimated before being used in empirical analysis. Previously, we developed a method for estimating production capital and technology based on an estimated dynamic structural economic model and applied the method using annual SIC data for 1947–1997 to estimate production capital and technology in US total manufacturing. In this paper, we update this work by reestimating the model and production capital and technology using annual SIC data for 1949–2001 and partly overlapping NAICS data for 1987–2005.     

《质量检验基础》课程改革探索

在应用电子技术专业《质量检验基础》课程教学中,根据电子产品质量检验员岗位的能力需求,坚持课程体系构建与岗位构成相对应,课程内容与职业能力培养相对应,教学情景与工作情景相对应的教学改革思路,将教学内容划分为基本能力要素和能力应用要素两个模块,其课程教学以任务驱动的方式实现。     

湖南企业加强产学研结合需求的实证研究

文章从统计数据分析和调研分析角度对湖南企业加强产学研结合的需求进行了实证研究。得出结论:加强产学研结合,是湖南企业解决目前自身创新资源不足与技术短缺,提高技术创新能力的内在需求和解决外部生存压力的现实需要与选择。     

Investments in flexible production capacity

We examine the technology and capacity choice problem of a multi-output firm facing stochastic demands in a continuous-time framework. The firm can install output-specific capital, or, at greater cost, flexible capital that can be used to produce different outputs. Investment is irreversible. The firm must choose a technology and decide how much capital to install, knowing it can add more later as demand evolves. We formulate the capacity choice problem as a singular stochastic control problem, show that the value of the firm equals the value of its installed capital plus the value of its options to add capacity in the future, and derive an optimal investment rule that maximizes the firm's market value. We also address the analogous problem for a multi-input firm that faces stochastically evolving factor costs, and can install input-specific or flexible capital.