A Closed System of Production Possibility and Social Welfare
We offer a closed system production possibility and social welfare system that can be modelled using virtually any available software package. It has the attribute that social welfare is not independent of production possibilities. The closure is made using the famous result by Negishi (1960) for a purely competitive economy. The goal is to help students to understand the interaction, through experimentation, between production and social choice in a competitive economy.
Volume (Year): 18 (2006)
Issue (Month): 1 ()
|Contact details of provider:|| Postal: University of Bristol, BS8 1HH, United Kingdom|
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Web page: http://www.economicsnetwork.ac.uk/cheer
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References listed on IDEAS
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- Alejandro Hazera, 2005. "Using the Mathcad Solver to Teach Portfolio Optimisation," Computers in Higher Education Economics Review, Economics Network, University of Bristol, vol. 17(1), pages 25-30.
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