Demand Uncertainty and the Capital-Labor Ratio: Evidence from the U.S. Manufacturing Sector
基于美国125个制造业行业的数据，发现需求不确定性会显著降低企业的资本劳动比，对理解要素需求与生产率有重要启示。
Richard Hartman (1976) and Duncan M. Holthausen (1976) showed that firms' input choices may be affected by demand uncertainty. Specifically, uncertain demand conditions may lead to firms operating with a lower capital-ratio. This result has potentially important implications for the analysis of factor demand and factor productivity. The author constructs measures of demand uncertainty and examines the above relationship for a sample of 125 U.S. manufacturing industries. Results show that there exists a significant negative relationship between demand uncertainty and the capital-labor ratio. Copyright 1991 by MIT Press.