Study week on the econometric approach to development planning

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Monograph

Identifikator:: 1824422792

URN:: urn:nbn:de:zbw-retromon-217476

Document type:: Monograph

Title:: Study week on the econometric approach to development planning

Place of publication:: Amsterdam [u.a.]

Publisher:: North-Holland Publ. Co. [u.a.]

Year of publication:: 1965

Scope:: XLVII, 1259 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Econometric analysis for assessing the efficacy of public investment / R. Dorman, Harvard University - Cambridge, Mass. - U.S.A.

Collection:: Economics Books

106 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 gation water its usable output will depend on local hydrology and on the relation of the timing of the local hydrologic cycle to the timing of irrigation demand in its market area. And so on. The design typically determines capacity, but economic and social factors determine output. Be that as it may, the ancillary factors are usually not subject to decision (or if they are they should be regarded as part of the design), so that the economic performance of the project is determined (leaving uncertainty aside) once the de- sign specifications have been settled. We can denote the rela- ‘ionship between design and output by writing fi(x,, ..., x,) for the extent of performance with respect to the ith objective or target, where x, ..., x, is the design vector. Similarly we can write c(y, ..., x,) as the cost of meeting the design spe- cifications, x4, ..., x,. In this notation the designers are charged with the task of choosing x, ..., x,, so as to minimize c(x;, ..., x,) while satisfying fi(x,, ..., x,)>T, i=1, ..., k, T; being the target level of the ith objective, and % the number of objectives considered. You will leap at once to several objections. One is: where can we find these ambitious production functions, fi(x,, ..., x,,)? On this, I hope that you will be willing to suspend -your dis- belief; I want to discuss that topic after we have seen what we can do with these functions if we have them. A second objection is: the design specifications do not determine the outputs. By varying the way in which a given structure is operated, one form of output can be substituted for another. A third is: how are the various target levels, T,, to be estab- lished? I shall deal with the second and third obiections im- mediately, and more or less together. Let us reformulate slightly our model of a design problem to create room for inserting some more complicated considera- tions. Let Fi(xy, ..., x,, uy, ..., u,) denote the production or performance function with respect to the ith objective, where, in addition to the previous notation, #,, ..., #, describe a par- "3] Dorfman - pag. 10

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