The purpose of this paper is to summarize an experimental evaluation of the performance of neoclassical models of production in measuring the prospects for input substitution within an ex ante framework. The analysis maintains that neoclassical models are best interpreted as convenient approximations for the inherently complex engineering processes of real-world production activities.
|Original language||English (US)|
|Title of host publication||Advances in the Economics of Energy and Resources|
|Publisher||JAI Press Inc|
|Number of pages||16|
|State||Published - Dec 1 1982|
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