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Organization of production in a competitive economy

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  • Marco A. Castaneda

Abstract

In the present paper we introduce a general equilibrium model of the organization of production and analyze the optimality and existence of an equilibrium. We introduce the production technology of the economy as a collection of production processes and allow each potential producer to choose the production processes to operate. We model organization and transaction costs by means of an organizational technology that determines the production set of a producer as a function of the production processes that the producer chooses to operate. For a competitive economy, we show the equilibrium organization of production is optimal and then prove a general existence theorem for an atomless economy.

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  • Marco A. Castaneda, 2006. "Organization of production in a competitive economy," International Journal of Economic Theory, The International Society for Economic Theory, vol. 2(2), pages 159-170, June.
    • Handle: RePEc:bla:ijethy:v:2:y:2006:i:2:p:159-170
    DOI: 10.1111/j.1742-7363.2006.00029.x
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