TEXTILE FIBRE SUBSTITUTION AND RELATIVE PRICES
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The elasticity of substitution between textile fibres is investigated within a CES production function in which the fibres are grouped according to degree of substitutability. Disaggregated data for U.S. textile usage in the post-war period are examined and the elasticities estimated are generally above unity. The conclusion is reached that, while technical change and diffusion may have explained changing fibre shares in certain, usually specialized end-uses and contributed to the explanation in others, in most end-uses relative price change has been an important factor.