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Resources, Institutions And Technologies: Game Modeling Of Dual Relations

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  • Vladimir Matveenko

Abstract

A new approach is proposed revealing duality relations between a physical side of economy (resources and technologies) and its institutional side (distributional relations between social groups). Production function is modeled not as a primal object but rather as a secondary one defined in a dual way by the institutional side. Differential games of bargaining are proposed to model a behavior of workers and capital-owners in process of prices or weights formation. These games result, correspondingly, in a price curve and in a weight curve -- structures dual to a production function. Ultimately, under constant bargaining powers of the participants, the Cobb-Douglas production function is generated.

Suggested Citation

  • Vladimir Matveenko, 2013. "Resources, Institutions And Technologies: Game Modeling Of Dual Relations," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 9(3), pages 7-28.
  • Handle: RePEc:mje:mjejnl:v:9:y:2013:i:3:p:7-28
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    References listed on IDEAS

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    1. Robert E. Hall & Charles I. Jones, 1999. "Why do Some Countries Produce So Much More Output Per Worker than Others?," The Quarterly Journal of Economics, Oxford University Press, vol. 114(1), pages 83-116.
    2. Muthoo,Abhinay, 1999. "Bargaining Theory with Applications," Cambridge Books, Cambridge University Press, number 9780521576475, December.
    3. Warren E. Weber, 2005. "Were U.S. State Banknotes Priced as Securities?," 2005 Meeting Papers 306, Society for Economic Dynamics.
    4. Arnaud Dupuy, 2012. "A Microfoundation for Production Functions: Assignment of Heterogeneous Workers to Heterogeneous Jobs," Economica, London School of Economics and Political Science, vol. 79(315), pages 534-556, July.
    5. Vladimir Matveenko, 2010. "Anatomy of production functions: a technological menu and a choice of the best technology," Economics Bulletin, AccessEcon, vol. 30(3), pages 1906-1913.
    6. Ricardo Lagos, 2006. "A Model of TFP," Review of Economic Studies, Oxford University Press, vol. 73(4), pages 983-1007.
    7. Cornes,Richard, 1992. "Duality and Modern Economics," Cambridge Books, Cambridge University Press, number 9780521336017, December.
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