| 单词 | Cobb-Douglas function |
| 释义 | Cobb-Douglas function A model of the aggregate production function. In this function, named after its American originators, aggregate output, Y, is a function of the inputs used in producing it, for example capital, K, and labour, L, of the form Y = AKα Lβ, where A, α and β are positive constants. If α + β = 1 this function has constant returns to scale; if K and L are each multiplied by any positive constant λ then Y will also be multiplied by λ. The Cobb-Douglas production function has also been applied at the level of the individual firm. With this production function, a cost-minimizing firm will spend a proportion α of its total costs on capital and a proportion β on labour. The term Cobb-Douglas function is also often applied to utility function as well as production functions, and to functions or more than two variables. If N is land, the production function could be given by Y = AKα Lβ Nγ, where γ is a positive constant and α + β + γ = 1. In a utility function of the Cobb-Douglas form, K and L are replaced by consumption levels of two forms of goods, and it is assumed that α + β < 1. |
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