2023
DOI: 10.13164/ma.2023.02
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Properties of a firm’s factor demands, optimal production correspondence, and an economy‘s aggregated supply/demand

Abstract: Many 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… Show more

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Cited by 2 publications
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