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An Algorithmic Theory of the Choice of Techniques

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  • Bidard, Christian

Abstract

The author builds a theory of the choice of techniques in joint production, at a given profit rate, considering a market algorithm. Partial results are extended by means of an abstract notion of technology, where techniques meet demand and satisfy local properties. Global results on the existence, uniqueness, and convergence towards an equilibrium technique are obtained. The author, thus, characterizes cases where a square technique is reached, which provides an answer to an old debate, initiated by W. S. Jevons, between classical and neoclassical economists. But the framework allows for a more general interpretation in terms of two-level planning procedures. Copyright 1990 by The Econometric Society.

Suggested Citation

  • Bidard, Christian, 1990. "An Algorithmic Theory of the Choice of Techniques," Econometrica, Econometric Society, vol. 58(4), pages 839-859, July.
  • Handle: RePEc:ecm:emetrp:v:58:y:1990:i:4:p:839-59
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    Cited by:

    1. Ekeland, Ivar & Guesnerie, Roger, 2010. "The geometry of global production and factor price equalisation," Journal of Mathematical Economics, Elsevier, vol. 46(5), pages 666-690, September.
    2. Mathieu Marion, 2005. "Sraffa and Wittgenstein: Physicalism and constructivism," Review of Political Economy, Taylor & Francis Journals, vol. 17(3), pages 381-406.
    3. Ivar Ekeland & Roger Guesnerie, 2006. "The geometry of global production and factor price equalisation," Working Papers halshs-00589105, HAL.
    4. Martin Diedrich, 2002. "Emission Targets and Equilibrium Choice of Technique," Keele Economics Research Papers KERP 2002/12, Centre for Economic Research, Keele University.

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