Research Article
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Year 2018, Volume: 7 Issue: 1, 18 - 23, 01.09.2018
https://doi.org/10.17261/Pressacademia.2018.850

Abstract

References

  • Benhabib, J., Spiegel, M. M. (1994). The role of human capital in economic development evidence from aggregate cross-country data. Journal of Monetary economics, 34(2), 143-173.
  • Cheng, M., Han, Y. (2017). Application of a new superposition CES production function model. Journal of Systems Science and Information, 5(5), 462-472.
  • Cobb, C. W., Douglas, P. H. (1928). A theory of production. The American Economic Review, 18(1), 139-165.
  • Deng, J. L. (1982). Control problems of grey systems. Sys. & Contr. Lett., 1(5), 288-294.
  • Godin, A., Kinsella, S. (2013). Production functions at the business end: the case of the European Fiscal Compact. Global & Local Economic Review, 17(1), 153.
  • Honghong, L. (2010, November). A prediction and influence factor analysis of China's food production. In Information Management, Innovation Management and Industrial Engineering (ICIII), 2010 International Conference on (Vol. 2, pp. 30-33). IEEE.
  • Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of monetary economics, 22(1), 3-42.
  • Mahaboob, B., Venkateswarlu, B., Balasiddamuni, P. (2017). Estimation of parameters of generalized Cobb-Douglas production functional model, IJPT, 9 (1), p.29186.
  • Makridakis, S., Wheelwright, S. C., Hyndman, R. J. (2008). Forecasting methods and applications. John wiley & sons.
  • Mankiw, N. G., Romer, D., Weil, D. N. (1992). A contribution to the empirics of economic growth. The quarterly journal of economics, 107(2), 407-437.
  • Qi, W., Yingsheng, S., Pengfei, J. (2010, December). On the random disturbance term and parameter estimation of CD production function. In Information Science and Engineering (ISISE), 2010 International Symposium on (pp. 51-53). IEEE.
  • Romer, P. M. (1986). Increasing returns and long-run growth. Journal of political economy, 94(5), 1002-1037.
  • Stern, D. I. (2011). Elasticities of substitution and complementarity. Journal of Productivity Analysis, 36(1), 79-89.
  • Thompson, H. (2016). A physical production function for the US economy. Energy Economics, 56, 185-189.
  • Vîlcu, G. E. (2018). On a generalization of a class of production functions. Applied Economics Letters, 25(2), 106-110.
  • Wang, X. (2016). A geometric characterization of homogeneous production models in economics. Filomat, 30(13), 3465-3471.
  • Zhu, S., Wu, Q. J., Wang, Y. (2011, September). Impact of labor force on China's economic growth based on grey metabolic GM (1, 1) model. In Grey Systems and Intelligent Services (GSIS), 2011 IEEE International Conference on (pp. 262-265). IEEE.

PREDICTION OF GROSS DOMESTIC PRODUCT (GDP) BY USING GREY COBB-DOUGLAS PRODUCTION FUNCTION

Year 2018, Volume: 7 Issue: 1, 18 - 23, 01.09.2018
https://doi.org/10.17261/Pressacademia.2018.850

Abstract

Purpose- In this paper, we investigate the Grey Cobb-Douglas production model applicable to estimation of economical indicators.

Methodology- In the multi regression model, explanatory variables for estimation of future value of indicatiors is estimated by using Grey Cobb-Douglas model.

Findings- GDP is an indicator for economic growth. We are used the annual data of United State of American economy for 1951 to 2008 and estimated the 2009-2018 years. The sum of the contributions of factors is 1.497 and greater than one, so it shows increasing return to scale.

Conclusion- The percentage of the increase in GDP is greater than that of the increase in capital stock and labor.

References

  • Benhabib, J., Spiegel, M. M. (1994). The role of human capital in economic development evidence from aggregate cross-country data. Journal of Monetary economics, 34(2), 143-173.
  • Cheng, M., Han, Y. (2017). Application of a new superposition CES production function model. Journal of Systems Science and Information, 5(5), 462-472.
  • Cobb, C. W., Douglas, P. H. (1928). A theory of production. The American Economic Review, 18(1), 139-165.
  • Deng, J. L. (1982). Control problems of grey systems. Sys. & Contr. Lett., 1(5), 288-294.
  • Godin, A., Kinsella, S. (2013). Production functions at the business end: the case of the European Fiscal Compact. Global & Local Economic Review, 17(1), 153.
  • Honghong, L. (2010, November). A prediction and influence factor analysis of China's food production. In Information Management, Innovation Management and Industrial Engineering (ICIII), 2010 International Conference on (Vol. 2, pp. 30-33). IEEE.
  • Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of monetary economics, 22(1), 3-42.
  • Mahaboob, B., Venkateswarlu, B., Balasiddamuni, P. (2017). Estimation of parameters of generalized Cobb-Douglas production functional model, IJPT, 9 (1), p.29186.
  • Makridakis, S., Wheelwright, S. C., Hyndman, R. J. (2008). Forecasting methods and applications. John wiley & sons.
  • Mankiw, N. G., Romer, D., Weil, D. N. (1992). A contribution to the empirics of economic growth. The quarterly journal of economics, 107(2), 407-437.
  • Qi, W., Yingsheng, S., Pengfei, J. (2010, December). On the random disturbance term and parameter estimation of CD production function. In Information Science and Engineering (ISISE), 2010 International Symposium on (pp. 51-53). IEEE.
  • Romer, P. M. (1986). Increasing returns and long-run growth. Journal of political economy, 94(5), 1002-1037.
  • Stern, D. I. (2011). Elasticities of substitution and complementarity. Journal of Productivity Analysis, 36(1), 79-89.
  • Thompson, H. (2016). A physical production function for the US economy. Energy Economics, 56, 185-189.
  • Vîlcu, G. E. (2018). On a generalization of a class of production functions. Applied Economics Letters, 25(2), 106-110.
  • Wang, X. (2016). A geometric characterization of homogeneous production models in economics. Filomat, 30(13), 3465-3471.
  • Zhu, S., Wu, Q. J., Wang, Y. (2011, September). Impact of labor force on China's economic growth based on grey metabolic GM (1, 1) model. In Grey Systems and Intelligent Services (GSIS), 2011 IEEE International Conference on (pp. 262-265). IEEE.
There are 17 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Omer Onalan 0000-0001-7768-1666

Hulya Basegmez This is me 0000-0003-3996-3616

Publication Date September 1, 2018
Published in Issue Year 2018 Volume: 7 Issue: 1

Cite

APA Onalan, O., & Basegmez, H. (2018). PREDICTION OF GROSS DOMESTIC PRODUCT (GDP) BY USING GREY COBB-DOUGLAS PRODUCTION FUNCTION. PressAcademia Procedia, 7(1), 18-23. https://doi.org/10.17261/Pressacademia.2018.850
AMA Onalan O, Basegmez H. PREDICTION OF GROSS DOMESTIC PRODUCT (GDP) BY USING GREY COBB-DOUGLAS PRODUCTION FUNCTION. PAP. September 2018;7(1):18-23. doi:10.17261/Pressacademia.2018.850
Chicago Onalan, Omer, and Hulya Basegmez. “PREDICTION OF GROSS DOMESTIC PRODUCT (GDP) BY USING GREY COBB-DOUGLAS PRODUCTION FUNCTION”. PressAcademia Procedia 7, no. 1 (September 2018): 18-23. https://doi.org/10.17261/Pressacademia.2018.850.
EndNote Onalan O, Basegmez H (September 1, 2018) PREDICTION OF GROSS DOMESTIC PRODUCT (GDP) BY USING GREY COBB-DOUGLAS PRODUCTION FUNCTION. PressAcademia Procedia 7 1 18–23.
IEEE O. Onalan and H. Basegmez, “PREDICTION OF GROSS DOMESTIC PRODUCT (GDP) BY USING GREY COBB-DOUGLAS PRODUCTION FUNCTION”, PAP, vol. 7, no. 1, pp. 18–23, 2018, doi: 10.17261/Pressacademia.2018.850.
ISNAD Onalan, Omer - Basegmez, Hulya. “PREDICTION OF GROSS DOMESTIC PRODUCT (GDP) BY USING GREY COBB-DOUGLAS PRODUCTION FUNCTION”. PressAcademia Procedia 7/1 (September 2018), 18-23. https://doi.org/10.17261/Pressacademia.2018.850.
JAMA Onalan O, Basegmez H. PREDICTION OF GROSS DOMESTIC PRODUCT (GDP) BY USING GREY COBB-DOUGLAS PRODUCTION FUNCTION. PAP. 2018;7:18–23.
MLA Onalan, Omer and Hulya Basegmez. “PREDICTION OF GROSS DOMESTIC PRODUCT (GDP) BY USING GREY COBB-DOUGLAS PRODUCTION FUNCTION”. PressAcademia Procedia, vol. 7, no. 1, 2018, pp. 18-23, doi:10.17261/Pressacademia.2018.850.
Vancouver Onalan O, Basegmez H. PREDICTION OF GROSS DOMESTIC PRODUCT (GDP) BY USING GREY COBB-DOUGLAS PRODUCTION FUNCTION. PAP. 2018;7(1):18-23.

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