Adjustment costs and dynamic factor demands for U.S. cigarette manufacturing
构建了美国卷烟制造业的动态模型，估计了烟草和资本存量的调整成本，发现烟草库存调整成本显著，且出口卷烟与内销卷烟的边际生产成本不同。
Abstract Following the approach of Berndt, Fuss, and Waverman, a dynamic model for U.S. cigarette manufacturing is developed and factor demands estimated. Tobacco and capital stocks are treated as quasi‐tixed inputs. The results indicate that there are significant adjustment costs associated with adjusting tobacco stocks, but not with adjusting the capital stock. Short‐run, intermediate‐run, and long‐run output constant elasticities are estimated for inputs in cigarette production. Demand for U.S. tobacco by U.S. cigarette manufacturers is found be more inelastic than shown by previous studies using static models. Cigarettes produced for export appear to differ in their marginal cost of production from cigarettes produced for the sale in the U.S. market.