Abstract
The paper identifies an endogenous production function for the U.S. economy, represented by the distribution of production capacities across technologies with finite lifetimes. Technology characteristics (initial labor and capital intensity) are determined during the creation of the production unit. The microeconomic description of the model is based on the hypothesis that production capacity decreases with age, while the number of jobs remains the same until the production unit is liquidated when its lifetime limit is exceeded. Initial labor and capital intensity may decrease under the influence of scientific and technological progress. The parameters of the production function built on the basis of microeconomic description are determined by parallel calculations indirectly by comparing the model-calculated and statistical time series of macro-indicators of the U.S. economy in 1970–2022. A preliminary economic interpretation of the obtained results is presented.
The publication has been prepared with the support of the “Research and development program using the infrastructure of the Shared Center of FRC CSC RAS”.
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Olenev, N. (2025). Identification of an Endogenous Production Function for the U.S. Economy. In: Olenev, N., Evtushenko, Y., Jaćimović, M., Khachay, M., Malkova, V. (eds) Optimization and Applications. OPTIMA 2024. Lecture Notes in Computer Science, vol 15218. Springer, Cham. https://doi.org/10.1007/978-3-031-79119-2_19
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