Resources, Institutions And Technologies: Game Modeling Of Dual Relations
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.
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- 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.
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- Dupuy, Arnaud, 2008. "A Microfoundation for Production Functions: Assignment of Heterogenous Workers to Heterogenous Jobs," IZA Discussion Papers 3312, Institute for the Study of Labor (IZA).
- Muthoo,Abhinay, 1999. "Bargaining Theory with Applications," Cambridge Books, Cambridge University Press, number 9780521576475, June.
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