Enerji ve Sermaye Arasındaki İkame: Maddi ve Maddi Olmayan Sermayenin Ayrıştırıldığı Dört Faktörlü Translog Üretim Fonksiyonundan Bulgular

Résumé fourni par la source

The substitution/complementarity relationship between production factors has received substantial interest in economic literature. Since oil crisis period of 1970s, this stream of literature has particularly focused on the substitutability of energy with other factors of production. This paper assesses the substitution between energy and capital using a four-factor translog production approach separating capital into tangible and intangible forms. Using a panel data set of 14 OECD countries from 1995-2020, we estimated substitution elasticities for 11 manufacturing subsectors using Ridge Regression. Empirical results suggest a substitution between energy and both capital inputs for all manufacturing subsectors. The substitution elasticity between energy and intangible capital is found to be higher than that between energy and tangible capital. Moreover, substitution elasticity between energy and intangible capital is found to be highest in energy-intensive industries while the highest substitution elasticities between energy and tangible capital are recorded in high- and medium-high technology manufacturing subsectors.

Ce résumé expose les affirmations des auteurs. BNTIC ne l’interprète pas comme une validation indépendante des résultats.