Excerpt from Rates of Return and Capital Aggregation, Using Alternative Rental Prices The basic issue in measuring capital input service prices is that capital goods are durable, and since rental markets for most durable inputs are not sufficiently widespread, it is usually not possible to observe the appropriate service price as the result of a market transaction. Under these conditions, the economic statistician must appeal to the theorist for assistance in deriving a rental price formula sufficient to impute rental ...
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Excerpt from Rates of Return and Capital Aggregation, Using Alternative Rental Prices The basic issue in measuring capital input service prices is that capital goods are durable, and since rental markets for most durable inputs are not sufficiently widespread, it is usually not possible to observe the appropriate service price as the result of a market transaction. Under these conditions, the economic statistician must appeal to the theorist for assistance in deriving a rental price formula sufficient to impute rental prices for capital assets from observable data. These imputed rental prices can then be combined with estimates of capital input service flows to calculate the rental cost share weights required to compute the aggregate capital services. Nhile economic theory has provided important guidance in the specification of rental price formulae, it as yet has not been able to resolve completely all the empirical questions that the economic statistician must answer. Most importantly, two critical components of the asset-specific rental prices are: (i) the expected rate of return, and (ii) the expected capital gains terms. Empirical implementation of these expected rates of return and capital gains components typically requires making certain choices about which economic theory offers little guidance. For example, are expectations on capital gains myopic. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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