Publication at Faculty of Social Sciences, Faculty of Mathematics and Physics, Centre for Economic Research and Graduate Education |
2015
Abstract
We introduce a concept of a family of normalized technological menus and use it to derive a series of new properties of normalized CES production functions. Special attention is devoted to families of functions which are induced by some other production function and, symmetrically, to families of technological menus which are induced by some other technological menu.
We study duality of these objects and demonstrate their relationship to some results known in the literature on production functions: the production function with "variable" elasticity of substitution introduced by Antony (2009) and the representation of the Cobb-Douglas function used by Jones (2005).