A note on concavity, homogeneity and non-Increasing returns to scale
This paper provides a simple proof of the result that if a production function is homogeneous, displays non-increasing returns to scale, is increasing and quasiconcave, then it is concave. If the function is strictly quasiconcave or one-to-one, homogeneous, displays decreasing returns to scale and if either it is increasing or if zero is in its domain, then it is strictly concave. Finally it is shown that we cannot dispense with these assumptions.
Volume (Year): 31 (2011)
Issue (Month): 1 ()
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- Friedman, James W, 1973. "Concavity of Production Functions and Non-Increasing Returns to Scale," Econometrica, Econometric Society, vol. 41(5), pages 981-84, September.
- Bone, John, 1989. "A Note on Concavity and Scalar Properties in Production," Bulletin of Economic Research, Wiley Blackwell, vol. 41(3), pages 213-17, July.
- Ardeshir Dalal, 2000. "Strict concavity with homogeneity and decreasing returns to scale," Atlantic Economic Journal, International Atlantic Economic Society, vol. 28(3), pages 381-382, September.
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