the production function relates total product P to the labor L, capital C, land T (terrain), and other inputs that combine to produce it. The function expresses a technological relationship. It describes the maximum output obtainable, at the existing state of technological knowledge, from given amounts of factor inputs. Put differently, a production function is simply a set of recipes or techni...

Abstract This paper proposes a solution to certain macroeconomic model. A multi-alternative problem of aviation transportation optimal organisation in conditions uncertainty the subjective preference functions is considered. Conditional optimisation objective functional containing entropy individuals’ operational effectiveness preferences carried out framework simplest problem. The principle So...

We present a model of N-player contracting with transaction costs and endogenous property rights. Ex ante agreed surplus sharing can be altered ex post, after irreversible investments in production (characterised by the generalised Cobb-Douglas production function). The actual surplus sharing is determined ex post, after each player has chosen a costly action to alter the surplus sharing in his...

We examine the Fisher market model when buyers, as well as sellers, have an intrinsic value for money. We show that when the buyers have oligopsonistic power they are highly incentivized to act strategically with their monetary reports, as their potential gains are unbounded. This is in contrast to the bounded gains that have been shown when agents strategically report utilities [5]. Our main f...

In this paper a re-examination of the original time-series data sets used by Professor Douglas and associated researchers to establish the existence of an aggregate production function is undertaken. Particular attention is paid to the issue of whether the data provide deductive support for the ‘Laws of Production’ as claimed by Douglas (1948). Various statistical methods are used to analyse th...

A form for homogeneous functions is presented which shows them to be a very simple extension of the wellknown Cobb-Douglas functions with similar properties in production (and distribution) economics. This form thus suggests new possibilities for interpreting a wide variety of empirical and theoretical results in economics; it also provides contact with developments in other fields, such as inf...