住宅生產函數與要素替代彈性：CES與VES之比較

Housing Production Function and Factor Elasticity of Substitution: A Comparison between CES and VES

10.6375/JHS.200002.0049

林祖嘉(Chu-Chia Lin)

住宅生產函數 ； 固定替代彈性 ； 可變替代彈性 ； housing production function ； constant elasticity of substitution ； variable elasticity of substitution

住宅學報

9卷1期（2000 / 02 / 01）

49 - 60

繁體中文

在住宅生產過程中，土地投入與資金投入是兩項最主要的生產要素；尤其在人口密集與土地昂貴的地區，土地的使用更是寸土寸金，因此，土地與資金的替代性就更形重要。所以，估計土地與資金投入的替代彈性大小一直都是一個重要的課題。為正確的找到適當的住宅生產函數，以及其中對應的土地與資本之間的替代彈性，本文分別對傳統的固定替代彈性模型(CES)與可變替代彈性模型(VES)加以估計。結果我們發現住宅生產的替代彈性在不同地區與不同的年度之間有相當大的變化，因此可變替代彈性模型該是比較適當的。至於造成不同地區與不同年度下，土地與資金投入替代彈性有所變化的主因，一方面在於不同地區的容積率與建蔽率不同，另一方面則是在不同年度下土地價格不同，因此建商選擇土地與資金的最適比例也會有所不同。

In housing production, land input and capital input are the two most important factors. The substitutibility between land and capital is even more crucial for a place with a high population density and with a high land price. In order to estimate an appropriate housing production function and to estimate related elasticity of substitution between land and capital, we estimate two traditional production functions, namely constant elasticity of substitution (CES) and variable elasticity of substitution (VES), by applying a firm-level data set in Taiwan from 1981 to 1992. We found that the elasticities of substitution between land and capital in housing production in Taiwan vary among different areas and among different years. Therefore, we conclude that VES is more appropriate in describing housing production behavior in Taiwan.

1. Arrow, K. J., Chenery, H. B., Minhas, B. S., Solow, R. M.(1961).Capital-Labor Substitution and Economic Efficiency.Review of Economics and Statistics,43
2. Bramley, G.(1993).The Impact of Land Use Planning and Tax Subsidies on the Supply and Price of Housing in Britain.Urban Studies,30
3. Clapp, J.(1980).The Elasticity of Substitution for Land: The Effects of Measurement Errors.Journal of Urban Economics,8
4. Evans, A. W.(1996).The Impact of Land Use Planning and Tax Subsidies on the Supply and Price of Housing in Britain: A Comment.Urban Studies,33
5. Fare, R., Yoon, B. J.(1985).On Capital-Land Substitution in Urban Housing Production.Journal of Urban Economics,17
6. Hicks, J. R.(1946).Value and Capital.Oxford University Press.
7. Jackson, J. R., Johnson, R. C., Kaserman, D. L.(1984).The Measurement of Land Prices and the Elasticity of Substitution in Housing Production.Journal of Urban Economics,16
8. Koenker, R.(1972).An Empirical Note on the Elasticity of Substitution between Land and Capital in a Monocentric Housing Market.Journal of Regional Science,12
9. McDonald, J. F.(1981).Capital-Land Substitution in Urban Housing: A Survey of Empirical Estimates.Journal of Urban Economics,9
10. Muth, R.(1971).The Derived Demand for Urban Residential Land.Urban Studies,8
11. Muth, R.(1969).Cities and Housing.Chicago:University of Chicago Press.
12. Revankar, N. S.(1961).A Class of Variable Elasticity of Substitution Production Functions.Econometrics,39
13. Rosen, H.(1978).Estimating Inter-City Differences in the Price of Housing Services.Urban Studies,15
14. Sirmans, C. F., Kau, J. B., Lee, C. F.(1979).The Elasticity of Substitution in Urban Housing Production: A VES Approach.Journal of Urban Economics,6
15. Sirmans, C. F., Redman, A. L.(1979).Capital-Land Substitution and the Price Elasticity of Demand for Urban Residential Land.Land Economics,55
16. Thorsnes, P.(1997).Consistent Estimates of the Elasticity of Substitution between Land and Non-Land Inputs in the Production of Housing.Journal of Urban Economics,42
17. Thorson, J. A.(1997).The Effect of Zoning on Housing Construction.Journal of Housing Economics,6
18. Varian, H. R.(1992).Microeconomic Analysis.New York:W. W. Norton ＆ Company.
19. 李志祥(1995)。容積率管制、住宅品質與住宅價格關係之研究－兼論土地變更利益回饋。淡江大學建築研究所。
20. 李榮裕(1981)。民間住宅供給過程之研究－公共介入之必要性探討。國立成功大學建築研究所。
21. 張金鶚 Chang, Chin-Oh、 林祖嘉 Lin, Chu-Chia(1993)。我國土地銀行建築融資結構與英美國建築融資結構比較分析之研究。土地銀行。
22. 楊裕富 Yang, Yu-Fu(1992)。台灣住宅政、立法與都市住宅用地供給。國立臺灣大學土木工程研究所。

1. 林素菁、林祖嘉(2001)。台灣地區住宅供給彈性之估計。住宅學報，10(1)，17-27。
2. 楊忠城、陳燕錫、張寶光(2004)。我國會計師事務所人力資源替代性之演變—以合夥型會計師事務所為例。當代會計，5(1)，1-24。
3. 游舜德、林詩榕(2011)。台灣上市櫃建設公司股票報酬率影響因素之研究。臺灣土地研究，14(2)，1-38。