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We provide a thorough economic analysis of dynamic CES production functions with continuum of capital vintage inputs in a wide range of elasticity of substitution among vintages. In doing so, we identify additional constraints for the original CES function (Jovanovic and Yatsenko in J Econ Theory, 147:551–569, 2012 [29]) and prove that the constructed modified CES function converges to a Cobb–Douglas production function with continuum of vintage inputs when the elasticity of substitution approaches unity. We discuss advantages and applications of both functions.

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Production Functions with Continuum of Vintage Inputs

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  • 发表日期：

    2025年

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  • Natali Hritonenko,
  • Yuri Yatsenko

摘要

We provide a thorough economic analysis of dynamic CES production functions with continuum of capital vintage inputs in a wide range of elasticity of substitution among vintages. In doing so, we identify additional constraints for the original CES function (Jovanovic and Yatsenko in J Econ Theory, 147:551–569, 2012 [29]) and prove that the constructed modified CES function converges to a Cobb–Douglas production function with continuum of vintage inputs when the elasticity of substitution approaches unity. We discuss advantages and applications of both functions.