risk aversion is the inverse of the elasticity of substitution. Here I use the Kihlstrom and Mirman (1974) expected utility … utility function do not change the predictions about asset prices by much. Both the elasticity of substitution and risk …

-industry trade (IIT). It is assumed that more IIT implies a smaller elasticity of substitution among differentiated products and vice …

of substitution. Instead, these studies have reduced this elasticity to make consumption more procyclical and volatile … open economy model when productivity shocks drive the business cycles and households have a normal intertemporal elasticity …

. The estimated elasticity of substitution of China is smaller than those of the other countries studied in previous …

Using a panel of UK firms spanning three decades, we provide estimates of the long-run elasticity of substitution … returns to scale exceed unity. When constant returns are imposed, the estimated elasticity of substitution is not …

skilled labor and the elasticity of substitution measure being used. The added flexibility of the nonparametric procedure is … labor and the elasticity of substitution measure being used. The added flexibility of the nonparametric procedure is also …. JEL Classification: C14, C23, D2 Keywords: capital-skill complementarity, elasticity of substitution, nonparametric …

elasticity of substitution. … productivity is increasing in the elasticity of substitution. Keywords: CES production functions, elasticity of substitution … using single-country data or microeconomic data to estimate the elasticity of substitution between capital and labor as well …