Trans-log Production Function Model Based on New Energy, Conventional Energy, Labour and Capital as Input
This paper constructs the trans-log production function model including four independent input factors, such as new energy consumption, conventional energy consumption, actual capital stock and labor are taken into account. Then it estimates the parameters of this production function model through ridge regression method, and discusses output elasticity, contribution rate of the four input factors influenced by economic growth, and substitution elasticity of new energy consumption to the other input factors. The empirical results show that the average output elasticity of labor is the largest value, but the average output elasticity of new energy is the minimum value. The substitution elasticity value for new energy to the other input factors not only show strong stability, but also new energy can be substituted effectively for conventional energy, capital and labor each other. The average contribution rates for capital stock, new energy, energy and labor to economic growth were 0.2490, 0.1717, 0.1170 and 0.0947 respectively.
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