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Resources, Institutions And Technologies: Game Modeling Of Dual Relations

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  • Vladimir Matveenko
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    Abstract

    A 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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    File URL: http://repec.mnje.com/mje/2013/v09-n03/mje_2013_v09-n03-a11.pdf
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    Bibliographic Info

    Article provided by Economic Laboratory for Transition Research (ELIT) in its journal Montenegrin Journal of Economics.

    Volume (Year): 9 (2013)
    Issue (Month): 3 ()
    Pages: 7-28

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    Handle: RePEc:mje:mjejnl:v:9:y:2013:i:3:p:7-28

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    Web page: http://www.mnje.com

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    1. Dupuy, Arnaud, 2008. "A Microfoundation for Production Functions: Assignment of Heterogenous Workers to Heterogenous Jobs," IZA Discussion Papers 3312, Institute for the Study of Labor (IZA).
    2. Ricardo Lagos, 2006. "A model of TFP," Staff Report 345, Federal Reserve Bank of Minneapolis.
    3. Vladimir Matveenko, 2010. "Anatomy of production functions: a technological menu and a choice of the best technology," Economics Bulletin, AccessEcon, vol. 30(3), pages 1906-1913.
    4. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output Per Worker Than Others?," The Quarterly Journal of Economics, MIT Press, vol. 114(1), pages 83-116, February.
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