Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2018.1515643
Factor substitution in rice production function: the case of Vietnam
Linh Bui Khac
; Institute of World Economics and Politics, Vietnam Academy of Social Sciences, Hanoi, Vietnam
Huyen Hoang Thi Nhat
; crawford School of Public Policy, The Australian National University, Canberra, Australia
Hang Bui Thanh
; Vietnam Centre for Sustainable Rural Development
Sažetak
Vietnamese rice production has achieved remarkable success over
the last couple of decades. This is due to land and market
reforms, known as ‘Doi Moi’. There were noticeable changes in
policies, such as land and production systems, which were transformed from a collective to an individual contract system in the
1980s. Vietnam made progress in rice production through the
legalisation of the privatisation of farm properties and a huge
investment in irrigation systems. The country not only ensured its
domestic demand, but also started exporting rice and gradually
became the second largest exporter in the world. An estimate of
the Constant Elasticity of Substitution function (CES) for Vietnam’s
rice production is essential for the government to design effective
policy on agricultural production. This study makes the first
attempt to estimate the nested CES model for Vietnamese rice
production in 2012. The paper finds that the elasticity of substitution of Vietnam’s nested CES model lies between 0.44 and 0.46.
The results indicate the weak substitutability between land and
the capital-labour composite in the nested CES model. This also
suggests that it is impossible to take labour as the substitutable
factor for land and capital.
Ključne riječi
Constant Elasticity of Substitution; LevenbergMarquardt method; Vietnam; rice production
Hrčak ID:
217014
URI
Datum izdavanja:
3.12.2018.
Posjeta: 1.151 *