Cobb-Douglas production function for evaluating seaport activity

• Published in: Russian Journal of Water Transport no. 74; pp. 85 - 95
• Main Authors: Botnaryuk, Marina V., Ksenzova, Natalya N.
• Format: Journal Article
• Language: English
• Published: 20.03.2023
• ISSN: 2713-1858; 2713-1866
• DOI: 10.37890/jwt.vi74.348

The purpose of the article is to study the dependencies of factors and develop a model of the production and economic activity of the seaport based on the Cobb-Douglas production function. To achieve the goal, the following methods were used: analysis and synthesis of scientific literature, econometric methods. The subject of the study is the regularities of the development of the production system (seaport) and its elements over time. The results are obtained: a two-factor Cobb-Douglas model was built, it characterizes the production process of the seaport. An assessment of the relationship between the production volumes of a stevedoring company and the main factors of production (fixed assets and labor resources) was made. The information base for the development of the model was the statistical data on the stevedoring company's PJSC “NCSP” work for the reporting period. The practical significance is as follows: using the methods of correlation-regression analysis, the Cobb-Douglas model was built. The tightness of the relationship between the volume and factors of production; the significance and quality of the constructed mathematical model were assessed.