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Estimation of Substitution Parameter in Indian Industries: A Disaggregated Approach

This paper attempts to estimate the elasticity of substitution between labor and capital for Indian industries classified according to 21 three-digit and 2 one-digit ISIC sectors. The paper also tests whether the estimated values of elasticity of substitution between labor and capital for a sector tend to change from one year to another and also whether it is Cobb-Douglas or CES or VES production function that characterizes a particular sector.