Resources, Institutions And Technologies: Game Modeling Of Dual Relations
AbstractA new approach is proposed revealing duality relations between a physical side of economy (resources and technologies) and its institutional side (distributional relations between social groups). Production function is modeled not as a primal object but rather as a secondary one defined in a dual way by the institutional side. Differential games of bargaining are proposed to model a behavior of workers and capital-owners in process of prices or weights formation. These games result, correspondingly, in a price curve and in a weight curve -- structures dual to a production function. Ultimately, under constant bargaining powers of the participants, the Cobb-Douglas production function is generated.
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Bibliographic InfoArticle provided by Economic Laboratory for Transition Research (ELIT) in its journal Montenegrin Journal of Economics.
Volume (Year): 9 (2013)
Issue (Month): 3 ()
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Web page: http://www.mnje.com
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