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The natural projection approach to production and uncertainty

Author

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  • Stiefenhofer, Pascal

Abstract

The paper generalizes the natural projection approach introduced by Balasko (1988) for the study of the qualitative equilibrium structure of exchange economies to a two period private ownership production model with uncertainty. It shows that long run equilibrium properties of the production model are those of the pure exchange economy with production adjusted demand functions. Associated with every long run equilibrium there exist a finite, odd number of short run equilibria.

Suggested Citation

  • Stiefenhofer, Pascal, 2011. "The natural projection approach to production and uncertainty," Economics Discussion Papers 2011-10, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwedp:201110
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    More about this item

    Keywords

    existence of equilibrium; uncertainty; production;
    All these keywords.

    JEL classification:

    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets

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