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The ability to take advantage of the economic opportunities that are created by the price adjusted performance improvement in IT depends in part on the ability of IT capital to substitute for other inputs in production. To examine substitution of IT capital for other inputs the author adopt a less-well-known measure for the elasticity of substitution, the Morishima Elasticity of Substitution (MES), and calibrate the estimates from regression methods by using Bayesian techniques to impose regularity.
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