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Do Inada conditions imply that production function must be asymptotically Cobb-Douglas? A comment

Anastasia Litina () and Theodore Palivos

Economics Letters, 2008, vol. 99, issue 3, 498-499

Abstract: We correct an intermediate mistake in Barelli and Pessôa [Barelli P. and Pessôa S. de A., 2003, "Inada conditions imply that production function must be asymptotically Cobb-Douglas," Economics Letters 81, 361-363] and show that the main result is still valid. We also show that Barelli and Pessôa wrongly identified the class of functions with elasticity of substitution asymptotically equal to one as the Cobb-Douglas class.

Date: 2008
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Handle: RePEc:eee:ecolet:v:99:y:2008:i:3:p:498-499