SOME ISSUES OF ECONOMETRIC ASSESSMENT OF CES FUNCTIONS AND THEIR PRACTICAL APPLICATION IN ECONOMIC PROBLEMS

This article is devoted to some issues of approximate estimation of functions with constant elasticity of substitution. The constant elasticity of substitution (CES) function is becoming popular in many areas of economics, but it is rarely used in econometric analysis because it cannot be estimated by standard linear regression methods. In this article, the author will reveal existing approaches to econometric assessment of this function and consider several examples of empirical assessment of the function using R software (micEconCES package).