Properties of a firm’s factor demands, optimal production correspondence, and an economy‘s aggregated supply/demand

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dc.contributor.authorForrest, Jeffrey Yi-Lin
dc.contributor.authorGong, Zaiwu
dc.contributor.authorClark, Rhonda S.
dc.contributor.authorBarneva, Reneta
dc.coverage.issue1cs
dc.coverage.volume12cs
dc.date.accessioned2023-06-26T09:02:08Z
dc.date.available2023-06-26T09:02:08Z
dc.date.issued2023cs
dc.description.abstractMany theoretically beautiful conclusions of the producer theory were derived on the common assumption that every firm attempts to maximize its profit and minimize its cost, while all firms employ the same methodology in their optimization efforts. By losing up these two behavioral assumptions and by introducing the concept of value-belief systems for individual firms, this paper reestablishes a few well-known results of the producer theory for the general case of not specifying what criteria of priority a firm holds. At the same time, this paper shows by using counterexamples, among others, that generally, (i) except for a specific scenario, the optimal production correspondence does not satisfy the homogeneity of degree zero, and (ii) even when individuals act in their own best self-interests, they may not collectively produce unintended greater social benefits and public goods. In the end, several topics of expected significance are suggested for future research.en
dc.formattextcs
dc.format.extent27-47cs
dc.format.mimetypeapplication/pdfen
dc.identifier.citationMathematics for Applications. 2023 vol. 12, č. 1, s. 27-47. ISSN 1805-3629cs
dc.identifier.doi10.13164/ma.2023.02en
dc.identifier.issn1805-3629
dc.identifier.urihttp://hdl.handle.net/11012/210631
dc.language.isoencs
dc.publisherVysoké učení technické v Brně, Fakulta strojního inženýrství, Ústav matematikycs
dc.relation.ispartofMathematics for Applicationsen
dc.relation.urihttp://ma.fme.vutbr.cz/archiv/12_1/ma_12_1_forrest_et_al_final.pdfcs
dc.rights© Vysoké učení technické v Brně, Fakulta strojního inženýrství, Ústav matematikycs
dc.rights.accessopenAccessen
dc.subjectaggregated productionen
dc.subjectmission maximizationen
dc.subjectnatural endowmenten
dc.subjectorder relationen
dc.subjectproductionen
dc.subjectsystem of values and beliefsen
dc.titleProperties of a firm’s factor demands, optimal production correspondence, and an economy‘s aggregated supply/demanden
dc.type.driverarticleen
dc.type.statusPeer-revieweden
dc.type.versionpublishedVersionen
eprints.affiliatedInstitution.departmentÚstav matematikycs
eprints.affiliatedInstitution.facultyFakulta strojního inženýrstvícs
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