New method reveals key factors driving economic growth in Shanghai City.
The researchers developed a new method to calculate how different factors contribute to economic growth. They focused on a production function called the Variable Elasticity of Substitution (VES) model, which is more practical in certain situations. By using an improved algorithm, they were able to estimate the model's parameters more accurately. The researchers applied this method to analyze the economic growth factors in Shanghai City, China, and found valuable insights.