Discussion Paper

No. 2011-10 | May 09, 2011
The Natural Projection Approach to Production and Uncertainty


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.

JEL Classification:

D52, D53, D62


  • Downloads: 1986


Cite As

Pascal Stiefenhofer (2011). The Natural Projection Approach to Production and Uncertainty. Economics Discussion Papers, No 2011-10, Kiel Institute for the World Economy. http://www.economics-ejournal.org/economics/discussionpapers/2011-10

Comments and Questions

Anonymous - Referee Report 1
July 11, 2011 - 09:44

See attached file

Pascal Stiefenhofer - reply to ref 1
July 14, 2011 - 13:52

My reply to referee report 1.

Anonymous - Referee Report 2
August 17, 2011 - 08:30

see attached file

Anonymous - reply 2
August 24, 2011 - 21:42