Discussion Paper

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

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.

JEL Classification

D52 D53 D62

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

Assessment



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