Theory of the Firm in Incomplete Markets
di Stiefenhofer, Pascal
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Classical general equilibrium theory with incomplete markets assigns utilities to firms just as economists have always assigned utilities to consumers. This theory of the firm is at variance with the Arrow-Debreu model of the firm where decentralized markets function at their best and firms maximizing profits. This book, therefore, considers a model of the firm under time and uncertainty where the objective function of the firm is independent of any exogenously assigned average utility to it. This requires a reformulation of the role capital plays. At variance to classical GEI theory, in this set up, capital as an intermediate good does not enter the utility of the consumers. This allows a convenient formulation of production capacity with non-trivial economic consequences. The book rehabilitates the decentralization property of the Arrow Debreu model to the case where time and uncertainty enters the model in an essential way. The monograph is designed for advanced economics students, PhD students, engineers and researchers interested in production. Some suggestions for further research are mentioned.
Pascal Stiefenhofer is Assistant Professor at the Economics Department of the University of York, England, where he earned his PhD for his work on an analysis of production in general equilibrium with incomplete markets. His research is on mathematical economics and pure mathematics. He teaches economics, economic policy and mathematics.
Numero di Pagine:
LAP Lambert Academic Publishing
Dimensioni del collo:
0.22 x 0.15 x 0.008 m; 0.245 kg