Producers theory

M Nadiri

    Research output: Contribution to journalReview article

    Abstract

    The producers theory is concerned with the behavior of firms in hiring and combining productive inputs to supply commodities at appropriate prices. Two sets of issues are involved in this process: one is the technical constraints, which limit the range of feasible productive processes, while the other is the institutional context such as the characteristics of the market where commodities and inputs are purchased and sold. The chapter describes the set of axiomatic approaches to production technology and the neoclassical theory of the multi-product and multi-input firm. It is an attempt to set forth the general framework of analysis that underlies neoclassical producer decision theory. The chapter discusses the properties of the production function, its various forms, and applications of the duality principles and also provides a brief discussion of the Cambridge–Cambridge controversy insofar as it pertains to the existence and usefulness of production functions. The chapter also presents three special cases of the theory of the firm in which new research has appeared, specifically dynamic input disequilibrium models, response to regulatory constraints, and optimal price and output decisions in multi-product firms.

    Original languageEnglish (US)
    Pages (from-to)431-490
    Number of pages60
    JournalHandbook of Mathematical Economics
    Volume2
    Issue numberC
    DOIs
    StatePublished - Jan 1 1982

    Fingerprint

    Production Function
    Duality Principle
    Decision Theory
    Business
    Output
    Range of data
    Production function
    Model
    Context
    Framework
    Market
    Form
    Duality
    Commodities
    Institutional context
    Disequilibrium model
    Multiproduct firms
    Decision theory
    Production technology
    Neoclassical theory

    ASJC Scopus subject areas

    • Mathematics (miscellaneous)
    • Economics, Econometrics and Finance (miscellaneous)
    • Statistics, Probability and Uncertainty
    • Statistics and Probability
    • Economics and Econometrics

    Cite this

    Producers theory. / Nadiri, M.

    In: Handbook of Mathematical Economics, Vol. 2, No. C, 01.01.1982, p. 431-490.

    Research output: Contribution to journalReview article

    Nadiri, M. / Producers theory. In: Handbook of Mathematical Economics. 1982 ; Vol. 2, No. C. pp. 431-490.
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