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The Allocation of Resources in the Presence of Indivisibilities

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Scarf, Herbert

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Abstract

A major theme of economic theory is that optimality, at the level of the firm or the economy as a whole, can be reached by profit maximization using competitive prices. The conclusion requires the assumption that the production possibility set be convex and is not valid if production displays economies of scale based on significant indivisibilities. The paper provides a specific quantity test for detecting optimality in the presence of indivisibilities and suggests that it may be useful to view the large firm as an algorithm for solving programming problems in which some of the variables assume integral values. Copyright 1994 by American Economic Association.

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Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 8 (1994)
Issue (Month): 4 (Fall)
Pages: 111-28
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Handle: RePEc:aea:jecper:v:8:y:1994:i:4:p:111-28

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  1. Bennett Levitan & Jose Lobo & Stuart Kauffman & Richard Schuler, 1999. "Optimal Organization Size in a Stochastic Environment with Externalities," Working Papers 99-04-024, Santa Fe Institute.
  2. SMEERS, Yves, 2005. "Long term locational prices and investment incentives in the transmission of electricity," CORE Discussion Papers 2005030, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
  3. Walter Briec & Kristiaan Kerstens, 2006. "Input, output and graph technical efficiency measures on non-convex FDH models with various scaling laws: An integrated approach based upon implicit enumeration algorithms," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer, vol. 14(1), pages 135-166, June. [Downloadable!] (restricted)
  4. Montizaan Raymond & Cörvers Frank & Grip Andries de, 2009. "The effects of pension rights and retirement age on training participation: Evidence from a natural experiment," Research Memoranda 044, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
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  5. Koshevoy, G.A. & Talman, D., 2002. "Competitive equilibria in economies with multiple divisible and multiple indivisible commodities," Discussion Paper 71, Tilburg University, Center for Economic Research. [Downloadable!]
  6. Kristiaan Kerstens & Bouye Ahmed Moulaye Hachem & Ignace Van de Woestyne & Niels Vestergaard, 2008. "Optimal Capacity Utilization and Reallocation in a German Bank Branch Network: Exploring Some Strategic Scenarios," Working Papers 2008-ECO-19, IESEG School of Management. [Downloadable!]
  7. Koshevoy, Gleb A. & Talman, Dolf, 2006. "Competitive equilibria in economies with multiple divisible and indivisible commodities and no money," Discussion Paper 51, Tilburg University, Center for Economic Research. [Downloadable!]
  8. Laan, G. van der & Talman, A.J.J. & Yang, Z.F., 2007. "Combinatorial Integer Labeling Thorems on Finite Sets with an Application to Discrete Systems of Nonlinear Equations," Discussion Paper 2007-88, Tilburg University, Center for Economic Research. [Downloadable!]
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  9. Walter Briec & Kristiaan Kerstens, 2005. "Input, Output and Graph Technical Efficiency Measures on Non-Convex FDH Models with Various Scaling Laws: An Integrated Approach Based upon Implicit Enumeration Algorithms," Working Papers 2005-ECO-04, IESEG School of Management. [Downloadable!]
  10. Laan, G. van der & Talman, D. & Yang, Z., 1999. "Existence and welfare properties of equilibrium in an exchange economy with multiple divisible, indivisible commodities and linear production technologies," Discussion Paper 76, Tilburg University, Center for Economic Research. [Downloadable!]
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  11. Emili Grifell-Tatjé & Kristiaan Kerstens, 2007. "Incentive Regulation and the Role of Convexity in Benchmarking Electricity Distribution: Economists versus Engineers," Working Papers 2007-ECO-01, IESEG School of Management. [Downloadable!]
  12. Laan, G. van der & Talman, D. & Yang, Z., 1996. "Existence of an equilibrium in a competitive economy with indivisibilities and money," Discussion Paper 35, Tilburg University, Center for Economic Research. [Downloadable!]
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