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ESTIMATION OF SUBSTITUTION PARAMETER IN INDIAN INDUSTRIES: A DISAGGREGATED APPROACH

Pohit, Sanjib and Chadha, Rajesh and Bina, P. L. and Sangeeta, N (1996): ESTIMATION OF SUBSTITUTION PARAMETER IN INDIAN INDUSTRIES: A DISAGGREGATED APPROACH.

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Abstract

This paper attempts to estimate the elasticity of substitution between labor and capital for Indian industries classified according to 21 three-digit and 2 one-digit ISIC sectors. The paper also tests whether the estimated values of elasticity of substitution between labor and capital for a sector tend to change from one year to another and also whether it is Cobb-Douglas or CES or VES production function that characterizes a particular sector.

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