Infrastructure-production system dynamics in national and regional systems: An econometric study of the Indian economy |
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| Institution: | 2. Department of Civil Engineering, Kharazmi University, Faculty of Engineering, Tehran, Iran;3. Iran University of Science and Technology (IUST), School of Civil Engineering, Department of Transportation, Narmak, Tehran, Iran;1. School of Chemical & Environmental Engineering, China University of Mining and Technology (Beijing), Beijing 100083, China;2. Department of Chemical & Petroleum Engineering, University of Wyoming, Laramie, WY 82071, USA;3. School of Energy Resources, University of Wyoming, Laramie, WY 82071, USA |
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| Abstract: | Treating infrastructure inputs as quasi-fixed in the short run, a multi-equation econometric model of production-infrastructure (social overhead capital) interlinkages and adjustments is developed based on a flexible functional form. Adjustment dynamics are endogenized and costs of adjustments are explicitly incorporated. The model is estimated with regional and national data from India; results include optimal paths and speeds of adjustments for infrastructure inputs market inputs' own and cross-price elasticities and demand elasticities with respect to the level of output, infrastructure stocks and associated user costs; and production cost elasticities with respect to output and infrastructure stocks. |
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