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The Allen/Uzawa Elasticity of Substitution as a Measure of Gross input Substitutability

Paolo Bertoletti ()

Rivista italiana degli economisti, 2001, issue 1, 87-94

Abstract: The Allen/Uzawa elasticity of substitution, still commonly used in the empirical studies to account for "net" substitutability, has been subject to a number of theoretical criticisms. In this paper we reconsider the Allen/Uzawa elasticity of substitution as a measure of "gross" substitutability, and show that to this relevant purpose it can be meaningfully interpreted in conjunction with the returns-to-scale properties of the technology.

Date: 2001
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Handle: RePEc:mul:jqat1f:doi:10.1427/3690:y:2001:i:1:p:87-94