D URING the past twenty years a great deal of econometric research has been directed toward the s... more D URING the past twenty years a great deal of econometric research has been directed toward the study of the saving behavior of economic units. Thus, personal saving has been explored quite intensively through (personal) consumption studies, especially so in the ...
Mathematical Systems Theory and Economics I / II, 1969
In an earlier paper+) we have argued that a solution of the inverse optimal problem for determini... more In an earlier paper+) we have argued that a solution of the inverse optimal problem for deterministic growth paths may have interesting economic applications. The inverse optimal problem is the one in which one tries to infer from a given savings function what class of utility functions could give rise to the given savings function as an optimal solution of a specialized optimization problem.
Publisher Summary The work extends the results of an earlier paper by Hahn ; it presents a model ... more Publisher Summary The work extends the results of an earlier paper by Hahn ; it presents a model of a barter economy with a sequence of markets in which each trader operates with his own transaction technology. An equilibrium is proved to exist and the efficiency of equilibrium is discussed.
Abstract : The important question of investment criteria and optimal strategy of development has ... more Abstract : The important question of investment criteria and optimal strategy of development has been discussed by various authors from many different points of view. In principle, a distinction can be made between "competitive" growth paths and "non-competitive" paths. In "competitive" paths we mean the growth path which is determined by a model in which decentralized structure of production and consumption is postulated; producers' expectation functions and profit maximization leading to demand function for capital is ex plicitly introduced; and consumers' preferences leading to a savings function completes the model. Once we depart from the deterministic competitive model, it becomes very unclear how much the economist can say about social development goals. If we allow the preference function of some planning board to determine the the optimal development strategy, we are, in fact, introducing political and military considerations, national pride, past experience of the nation and other sociological factors that mold the objectives of the nation. The model represents a closed economy in which foreign trade, government fiscal policy and technological change are excluded. The inclusion of foreign trade and technological changes are natural extensions of this work, while government policy is implicitly assumed in the statement of the objectives of the economy.
The question of returns to scale in public utilities is a much debated issue. In this study, the ... more The question of returns to scale in public utilities is a much debated issue. In this study, the productive process of electricity generation is examined and a modified substitution model is employed, permitting differentiation between returns to scale to labor and to other factors. ...
D URING the past twenty years a great deal of econometric research has been directed toward the s... more D URING the past twenty years a great deal of econometric research has been directed toward the study of the saving behavior of economic units. Thus, personal saving has been explored quite intensively through (personal) consumption studies, especially so in the ...
Mathematical Systems Theory and Economics I / II, 1969
In an earlier paper+) we have argued that a solution of the inverse optimal problem for determini... more In an earlier paper+) we have argued that a solution of the inverse optimal problem for deterministic growth paths may have interesting economic applications. The inverse optimal problem is the one in which one tries to infer from a given savings function what class of utility functions could give rise to the given savings function as an optimal solution of a specialized optimization problem.
Publisher Summary The work extends the results of an earlier paper by Hahn ; it presents a model ... more Publisher Summary The work extends the results of an earlier paper by Hahn ; it presents a model of a barter economy with a sequence of markets in which each trader operates with his own transaction technology. An equilibrium is proved to exist and the efficiency of equilibrium is discussed.
Abstract : The important question of investment criteria and optimal strategy of development has ... more Abstract : The important question of investment criteria and optimal strategy of development has been discussed by various authors from many different points of view. In principle, a distinction can be made between "competitive" growth paths and "non-competitive" paths. In "competitive" paths we mean the growth path which is determined by a model in which decentralized structure of production and consumption is postulated; producers' expectation functions and profit maximization leading to demand function for capital is ex plicitly introduced; and consumers' preferences leading to a savings function completes the model. Once we depart from the deterministic competitive model, it becomes very unclear how much the economist can say about social development goals. If we allow the preference function of some planning board to determine the the optimal development strategy, we are, in fact, introducing political and military considerations, national pride, past experience of the nation and other sociological factors that mold the objectives of the nation. The model represents a closed economy in which foreign trade, government fiscal policy and technological change are excluded. The inclusion of foreign trade and technological changes are natural extensions of this work, while government policy is implicitly assumed in the statement of the objectives of the economy.
The question of returns to scale in public utilities is a much debated issue. In this study, the ... more The question of returns to scale in public utilities is a much debated issue. In this study, the productive process of electricity generation is examined and a modified substitution model is employed, permitting differentiation between returns to scale to labor and to other factors. ...
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Papers by Mordecai Kurz