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Oligopoly under Rivalrous Consonance: An Exploration of Phantom Objective Functions and some Algorithmic Considerations

In: General Equilibrium Economics

Author

Listed:
  • Robert E. Kuenne

    (Princeton University)

Abstract

In economic theorizing economic agents are generally depicted as optimizing objective functions based on narrow self-interest, with global or social variable values emerging from the interaction of the individual optimization procedure. An interesting question is whether there exists a ‘phantom’ objective function whose optimization would yield the same solutions as the set of interacting optimizing decisions does. For example, to cite a famous case, in a purely competitive capitalistic general equilibrium model, is there a social welfare function whose optimization would yield the same solutions for the model as those obtained from solving the whole set of first-order conditions of the conventional model?

Suggested Citation

  • Robert E. Kuenne, 1992. "Oligopoly under Rivalrous Consonance: An Exploration of Phantom Objective Functions and some Algorithmic Considerations," Palgrave Macmillan Books, in: General Equilibrium Economics, chapter 7, pages 172-190, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12752-8_8
    DOI: 10.1007/978-1-349-12752-8_8
    as

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