Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics

P. Balasiddamuni , C. Subbrami Reddy , S. Ismail , K. V. S. D. P. Vara Prasad

Abstract

A simultaneous equations econometric model is specified and estimated with a generalized Cobb-Douglas production function based on three inputs namely Labour, Capital and Inventory. It is estimated by using Indirect Least Squares estimation. The impact inventory on factors of production is studied through the derived demand equations for the factors of production. Under the empirical investigation, the proposed model is estimated by using the cross section data on different industry groups in India for the year 1985-86.

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P. Balasiddamuni , C. S. Reddy , M. Subbarayudu , S. Ismail

Abstract

We defined Net Social Gain (NSG) which is a function of probability of capture (p) and length of punishment (f) We identified certain equilibrium and disequilibrium structures by maximizing NSG with respect to p and f separately and hence optimal punishment is determined. The nature of Marginal Social Loss (MSL) and Marginal Social Gain (MSG) curves has been narrated, under equilibrium and disequilibrium states. A relationship between elasticities of Total Social Loss (TSL) and Total Social Gain (TSC) with respect to punishment is established.

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