Pricing model in the Walras economic equilibrium scheme (Q5951343)
From MaRDI portal
 | This is the item page for this Wikibase entity, intended for internal use and editing purposes. Please use this page instead for the normal view: Pricing model in the Walras economic equilibrium scheme |
scientific article; zbMATH DE number 1685474
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Pricing model in the Walras economic equilibrium scheme |
scientific article; zbMATH DE number 1685474 |
Statements
Pricing model in the Walras economic equilibrium scheme (English)
0 references
6 February 2003
0 references
The author analyzes a market consisting of \(m\) degricultural farms and \(n\) customers, allowing each of them to be a worker at one of these farms. By means of a detailed mathematical study involving maximization of a utility function and production functions by means of the Lagrangian function, the author derives formulas for optimal prices, taking into consideration supply-demand balance equations for labor and products. Two well illustrating examples are worked out. Summing up, the author indicates further more realistic generalizations of the method proposed.
0 references
balance equations
0 references
supply-demand equations
0 references
Lagrangian function
0 references
utility functions
0 references
