Blackorby, Charles; Primont, Daniel; Russell, R. Robert;
Publisher: University of Warwick, Department of Economics
We show that the Hotelling-Lau elasticity of substitution, an extension of the Allen-Uzawa elasticity to allow for optimal output-quantity (or utility) responses to changes in factor prices, inherits all of the failings of the Allen-Uzawa elasticity identified by Blacko... View more
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