Abstract
The production function has always been an active field in the research and application of economics. Researchers generally use the production function of constant elasticity of substitution, i.e., the C–D (Cobb–Douglas) production function and the CES (Constant Elasticity of Substitution) production function, to explore economic growth, but rarely use the VES (Variable Elasticity of Substitution) production function. The paper gives an extended VES production function model in the case the elasticity of substitution is a time linear function. With regard to the parameter estimation, the paper uses a modern intelligent algorithm, i.e., the PSO (Particle Swarm Optimization) algorithm. The conventional PSO algorithm has a low rate and the poor accuracy of convergence, so the paper proposes an improved PSO algorithm. In the final part, the paper calculates the contribution rates of influencing factors to Chinese economic growth, and the results are consistent with the actual situation.
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This work was supported by National Natural Science Foundation of China (No. 11401418).
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Communicated by Vladik Kreinovich.
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Cheng, M., Liu, B. Application of an extended VES production function model based on improved PSO algorithm. Soft Comput 25, 7937–7945 (2021). https://doi.org/10.1007/s00500-021-05676-7
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DOI: https://doi.org/10.1007/s00500-021-05676-7