Returns to Scale, Elasticities of Substitution and Behavior of Shipping (Dry Bulk) Transport Costs, Some Empirical Evidence
In the present section, we estimate cost functions for Solid Bulk shipping transport by 34 private firms for 1991. The functional form used is the Translog drawn by Christensen et al. (1973). We also estimate the Allen and Morishima elasticities of substitution, and compare and interpret the results as well.
KeywordsCost Function Private Firm Input Price Factor Price Share Equation
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