NEOCLASSICAL MEASUREMENT OF EX ANTE RESOURCE SUBSTITUTION: AN EXPERIMENTAL EVALUATION.

Raymond J. Kopp, V. Kerry Smith

Research output: Chapter in Book/Report/Conference proceedingConference contribution

4 Scopus citations

Abstract

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 languageEnglish (US)
Title of host publicationAdvances in the Economics of Energy and Resources
PublisherJAI Press Inc
Pages183-198
Number of pages16
Volume4
ISBN (Print)0892322152
StatePublished - Dec 1 1982

ASJC Scopus subject areas

  • Engineering(all)

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  • Cite this

    Kopp, R. J., & Smith, V. K. (1982). NEOCLASSICAL MEASUREMENT OF EX ANTE RESOURCE SUBSTITUTION: AN EXPERIMENTAL EVALUATION. In Advances in the Economics of Energy and Resources (Vol. 4, pp. 183-198). JAI Press Inc.