The Convexity Assumption in the Theory of Competitive Markets
Опубликовано на портале: 11-07-2005
Journal of Political Economy.
1959.
Vol. 67.
No. 4.
P. 377-391.
Тематический раздел:
The object of this paper is to examine how far the allocation of resources brought
about by s perfectly competitive market remains optimal when indifference maps and
production functions cease to be convex. It has recently been asserted that the allocative
efficiency of a competitive system breaks down under these circumstances. If this
true, it would constitute s serious limitation, for, as I shall argue. In the real
world the relevant functions are often not convex. However, we shall see that the
traditional assumptions of convexity are by no means essential to the optimality
of competitive markets and that the assertions to the contrary are based on an elementary
fallacy. I shall examine in some detail the behavior of competitive markets under
conditions of certainty.
Ключевые слова
конкурентный рынок конкурирующие системы производственная функция распределение ресурсов экономическое поведение
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