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https://hdl.handle.net/10419/35504
Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Dasgupta, Indraneel | en |
dc.date.accessioned | 2009-03-09 | - |
dc.date.accessioned | 2010-07-07T11:52:39Z | - |
dc.date.available | 2010-07-07T11:52:39Z | - |
dc.date.issued | 2009 | - |
dc.identifier.pi | urn:nbn:de:101:1-20090304744 | en |
dc.identifier.uri | http://hdl.handle.net/10419/35504 | - |
dc.description.abstract | We utilize the analytical construct of a stochastic supply function to provide an aggregate representation of a finite collection of standard deterministic supply functions. We introduce a consistency postulate for a stochastic supply function that may be satisfied even if no underlying deterministic supply function is rationalizable in terms of profit maximization. Our consistency postulate is nonetheless equivalent to a stochastic expansion of supply inequality, which summarizes the predictive content of the traditional theory of competitive supply. A number of key results in the deterministic theory follow as special cases from this equivalence. In particular, it yields a probabilistic version of the law of supply, which implies the traditional specification. Our analysis thus provides a necessary and sufficient axiomatic foundation for a de-coupling of the predictive content of the classical theory of competitive firm behavior from its a priori roots in profit maximization, while subsuming the traditional theory as a special case. | en |
dc.language.iso | eng | en |
dc.publisher | |aInstitute for the Study of Labor (IZA) |cBonn | en |
dc.relation.ispartofseries | |aIZA Discussion Papers |x4018 | en |
dc.subject.jel | D21 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Supply aggregation | en |
dc.subject.keyword | stochastic supply function | en |
dc.subject.keyword | stochastic consistency | en |
dc.subject.keyword | weak axiom of profit maximization | en |
dc.subject.keyword | stochastic supply inequality | en |
dc.subject.keyword | law of supply | en |
dc.subject.stw | Angebot | en |
dc.subject.stw | Mikroökonomik | en |
dc.subject.stw | Stochastischer Prozess | en |
dc.subject.stw | Theorie der Unternehmung | en |
dc.subject.stw | Gesamtwirtschaftliches Angebot | en |
dc.subject.stw | Ökonomisches Prinzip | en |
dc.subject.stw | Theorie | en |
dc.title | Supply theory sans profit-maximization | - |
dc.type | |aWorking Paper | en |
dc.identifier.ppn | 593354583 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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