The Allocation of Resources in the Presence of Indivisibilities
Bibliographic Data
| ID | 4928151 |
|---|---|
| Authors | Herbert E Scarf (Sterling Professor of Economics, Yale University, New Haven, Connecticut., corresponding author) |
| Year | 1994 |
| Volume | 8 |
| Issue | 4 |
| Pages | 111-128 |
| Publication date | 1994-11-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic Perspectives (JOURNAL) |
| Journal identifiers | ISSN: 0895-3309 • E-ISSN: 1944-7965 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/jep.8.4.111 |
| OpenAlex | W2063651575 |
| Language | EN |
| Citations received | 8 |
| References cited | 7 |
A major theme of economic theory is that optimality, at the level of the firm or the economy as a whole, can be reached by profit maximization using competitive prices. The conclusion requires the assumption that the production possibility set be convex and is not valid if production displays economies of scale based on significant indivisibilities. The paper provides a specific quantity test for detecting optimality in the presence of indivisibilities and suggests that it may be useful to view the large firm as an algorithm for solving programming problems in which some of the variables assume integral values
Economics · Mathematical economics · Maximization · Microeconomics · Profit maximization · Auction Theory and Applications · Computer Science · Economic theories and models · Optimization and Search Problems
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| Unique citing works | 8 |
|---|---|
| Citations per year | 0.26 |
| Citation span | 1995 - 2024 (30) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 6 |