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An algebraic theory of multi-product decisions

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  • David Hennessy

    ()

  • Harvey Lapan

Abstract

We exploit the existence of matrix group symmetries on a production possibility set to identify group symmetries on the profit function. The groups are isomorphic, and provide a pre-ordering on firm preferences over prices. Together with additional structure on the technology, symmetries generate comparative statics on price responses. Linear and other invariances place bounds on firm choice vectors. Reflection group asymmetries on the feasible choice set also support welfare rankings over prices. The methods are adapted to study consumer decisions. Copyright Springer-Verlag Berlin/Heidelberg 2005

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File URL: http://hdl.handle.net/10.1007/s00199-004-0476-6
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 25 (2005)
Issue (Month): 4 (06)
Pages: 819-829

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Handle: RePEc:spr:joecth:v:25:y:2005:i:4:p:819-829

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Web page: http://link.springer.de/link/service/journals/00199/index.htm

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Related research

Keywords: Invariance structures; Duality; Group majorize; Compensation; Matrix groups.;

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Cited by:
  1. Hennessy, David A. & Lapan, Harvey E., 2006. "Harmonic Symmetries of Imperfect Competition on Circular City," Staff General Research Papers 12551, Iowa State University, Department of Economics.

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