TR
EN
Optimal Capital and Labor Investment in Price Regulated Service Firms
Öz
Optimal investment behavior of a price regulated service firm facing a fluctuating demand curve is studied using Optimal Control Theory. The firm is required to meet the demand at all times. Cobb-Douglas type of demand function is utilized in the analysis where both labor and capital are assumed to be quasi-fixed factors of production. Constant Elasticity of Substitution type of production function is also used in the analysis resulting in similar results. The rates of change of demand, attrition rate of labor, and the depreciation rate of capital are the primary factors determining the optimal behavior. The switching times between periods when investment in both factors is zero, when investment in capital is zero, and when investment in labor is zero are determined allowing better planning of maintenance periods of machinery and vacation planning.
Anahtar Kelimeler
Kaynakça
- Abel, A. B. (1981). Dynamic Model of Investment and Capacity Utilization. The Quarterly Journal of Economics, 96(3), 379–403.
- Akay, G. H. and Dogan, C. (2013). The effect of labor supply changes on output: empirical evidence from US industries. Journal of Productivity Analysis, 39(2), 123–130.
- Arrow, K. J, Chenery, H. B., Minhas, B. S., and Solow, R. M. (1961). Capital-labor substitution and economic efficiency. The Review of Economics and Statistics, 43, 225–250.
- Arrow, Kenneth J. (1968). Optimal capital policy with irreversible investment. Value, Capital and Growth, 1–20.
- Barceló, C. (2007). A Q-model of labour demand. Investigaciones Económicas, 31(1), 43–78.
- Barro, R. J. and Sala-i-Martin, X. (1995). Economic growth, London-England, The MIT Press.
- Brown, M. (1967). The Theory and Empirical Analysis of Production, NBER, 3.-13.
- David, P. A. and van de Klundert, T. (1965). Biased efficiency growth and capital-labor substitution in the US, 1899-1960. American Economic Review, 55, 357–394.
Ayrıntılar
Birincil Dil
İngilizce
Konular
-
Bölüm
Araştırma Makalesi
Yayımlanma Tarihi
12 Mayıs 2021
Gönderilme Tarihi
30 Kasım 2020
Kabul Tarihi
20 Nisan 2021
Yayımlandığı Sayı
Yıl 2021 Cilt: 4 Sayı: 1
APA
Akan, M., & Geçici, E. (2021). Optimal Capital and Labor Investment in Price Regulated Service Firms. Haliç Üniversitesi Sosyal Bilimler Dergisi, 4(1), 1-15. https://izlik.org/JA33JN35WC
AMA
1.Akan M, Geçici E. Optimal Capital and Labor Investment in Price Regulated Service Firms. Sosyal ve Beşeri Bilimler, Konservatuvar. 2021;4(1):1-15. https://izlik.org/JA33JN35WC
Chicago
Akan, Mustafa, ve Ebru Geçici. 2021. “Optimal Capital and Labor Investment in Price Regulated Service Firms”. Haliç Üniversitesi Sosyal Bilimler Dergisi 4 (1): 1-15. https://izlik.org/JA33JN35WC.
EndNote
Akan M, Geçici E (01 Mayıs 2021) Optimal Capital and Labor Investment in Price Regulated Service Firms. Haliç Üniversitesi Sosyal Bilimler Dergisi 4 1 1–15.
IEEE
[1]M. Akan ve E. Geçici, “Optimal Capital and Labor Investment in Price Regulated Service Firms”, Sosyal ve Beşeri Bilimler, Konservatuvar, c. 4, sy 1, ss. 1–15, May. 2021, [çevrimiçi]. Erişim adresi: https://izlik.org/JA33JN35WC
ISNAD
Akan, Mustafa - Geçici, Ebru. “Optimal Capital and Labor Investment in Price Regulated Service Firms”. Haliç Üniversitesi Sosyal Bilimler Dergisi 4/1 (01 Mayıs 2021): 1-15. https://izlik.org/JA33JN35WC.
JAMA
1.Akan M, Geçici E. Optimal Capital and Labor Investment in Price Regulated Service Firms. Sosyal ve Beşeri Bilimler, Konservatuvar. 2021;4:1–15.
MLA
Akan, Mustafa, ve Ebru Geçici. “Optimal Capital and Labor Investment in Price Regulated Service Firms”. Haliç Üniversitesi Sosyal Bilimler Dergisi, c. 4, sy 1, Mayıs 2021, ss. 1-15, https://izlik.org/JA33JN35WC.
Vancouver
1.Mustafa Akan, Ebru Geçici. Optimal Capital and Labor Investment in Price Regulated Service Firms. Sosyal ve Beşeri Bilimler, Konservatuvar [Internet]. 01 Mayıs 2021;4(1):1-15. Erişim adresi: https://izlik.org/JA33JN35WC