Abstract
The CES (Constant Elasticity of Substitution) production function, including its special case the Cobb-Douglas form, is perhaps the most frequently employed function in modern economic analysis. Not only is the CES function used for the formal depiction of production technology, it is used as a convenient tool for empirical analysis as well. In addition to production theory, the CES function, more commonly known as the Bergson family of utility functions, is employed in utility theory.
This chapter was originally published in The New Palgrave: A Dictionary of Economics, 1st edition, 1987. Edited by John Eatwell, Murray Milgate and Peter Newman
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Sato, R. (1987). CES Production Function. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_543-1
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DOI: https://doi.org/10.1057/978-1-349-95121-5_543-1
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Publisher Name: Palgrave Macmillan, London
Online ISBN: 978-1-349-95121-5
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Latest
CES Production Function- Published:
- 14 March 2017
DOI: https://doi.org/10.1057/978-1-349-95121-5_543-2
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CES Production Function- Published:
- 09 November 2016
DOI: https://doi.org/10.1057/978-1-349-95121-5_543-1