The firm and the plant in general equilibrium theory
The general equilibrium formulations are developed for two important economic environments. The first environment is the Lucas managerial span-of-control theory of the firm. It is shown that, in the spirit of McKenzie, the aggregate production set can be characterized by a convex cone. The second environment permits both the number of hours plants are operated and the number of workers operating them to be varied. For empirically reasonable elasticities of substitution, equilibrium is characterized by employment-consumption lotteries.
|Date of creation:||1989|
|Publication status:||Published in General Equilibrium, Growth and Trade (Vol. 2, 1993, pp. 393-410)|
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"Indivisible labor and the business cycle,"
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- Robert E. Lucas Jr., 1978. "On the Size Distribution of Business Firms," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 508-523, Autumn.
- McKenzie, Lionel W, 1981. "The Classical Theorem on Existence of Competitive Equilibrium," Econometrica, Econometric Society, vol. 49(4), pages 819-841, June.
- L. W. McKenzie, 2010. "The Classical Theorem on Existence of Competitive Equilibrium," Levine's Working Paper Archive 1388, David K. Levine.
- Mas-Colell, Andreu, 1975. "A model of equilibrium with differentiated commodities," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 263-295. Full references (including those not matched with items on IDEAS)
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