An Algorithmic Theory of the Choice of Techniques
AbstractThe author builds a theory of the choice of techniques in joint production, at a given profit rate, considering a market algorithm. Partial results are extended by means of an abstract notion of technology, where techniques meet demand and satisfy local properties. Global results on the existence, uniqueness, and convergence towards an equilibrium technique are obtained. The author, thus, characterizes cases where a square technique is reached, which provides an answer to an old debate, initiated by W. S. Jevons, between classical and neoclassical economists. But the framework allows for a more general interpretation in terms of two-level planning procedures. Copyright 1990 by The Econometric Society.
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Bibliographic InfoArticle provided by Econometric Society in its journal Econometrica.
Volume (Year): 58 (1990)
Issue (Month): 4 (July)
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- Ivar Ekeland & Roger Guesnerie, 2006. "The geometry of global production and factor price equalisation," Working Papers halshs-00589105, HAL.
- Martin Diedrich, 2002.
"Emission Targets and Equilibrium Choice of Technique,"
Keele Economics Research Papers
KERP 2002/12, Centre for Economic Research, Keele University.
- Martin E. Diedrich, 2002. "Emission Targets and Equilibrium Choice of Technique," GE, Growth, Math methods 0211001, EconWPA.
- Ekeland, Ivar & Guesnerie, Roger, 2010.
"The geometry of global production and factor price equalisation,"
Journal of Mathematical Economics,
Elsevier, vol. 46(5), pages 666-690, September.
- Ivar Ekeland & Roger Guesnerie, 2006. "The geometry of global production and factor price equalisation," PSE Working Papers halshs-00589105, HAL.
- Mathieu Marion, 2005. "Sraffa and Wittgenstein: Physicalism and constructivism," Review of Political Economy, Taylor & Francis Journals, vol. 17(3), pages 381-406.
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