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On Choosing an Optimal Technology

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  • Martin Weitzman

    (Massachusetts Institute of Technology)

Abstract

This paper is concerned with the problem of choosing, on the enterprise level, a least cost technology for producing a bill of goods. Given certain simplifying assumptions appropriate to a long-run partial equilibrium environment, the problem is shown to be of a form which is solvable with any one of several techniques. Algorithms are presented and discussed. Proofs of their computational properties are provided, and implications for economic theory and decentralized decision making are noted. Finally, the basic model is expanded to consider the effects of modifying some of the economic assumptions.

Suggested Citation

  • Martin Weitzman, 1967. "On Choosing an Optimal Technology," Management Science, INFORMS, vol. 13(5), pages 413-428, January.
    • Handle: RePEc:inm:ormnsc:v:13:y:1967:i:5:p:413-428
    DOI: 10.1287/mnsc.13.5.413
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