A marginal payoff symmetric solution and its applications to a land corn production economy

• 영문명: A marginal payoff symmetric solution and its applications to a land corn production economy
• 발행기관: 한국계량경제학회
• 저자명: Joosung Lee
• 간행물 정보: 『한국계량경제학회 학술대회 논문집』2009년 공동학술대회, 1~18쪽, 전체 18쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2008.11.30

영문 초록

We introduce axioms related to marginal payoff symmetry that reflects the possibility of mutual agreement, and characterized a new solution with efficiency, symmetry, additivity, and scale dummy; scale dummy is related to the externality of scale. In this paper, we mainly apply the solution to a land corn production economy. For the economy with a linear production function, it leads to a sustainable economy, while alternatives such as the Shapley value fail the property. Assuming a concave production function, interestingly, the solution can explain a paradox, that is, already employed workers block additional employment if the wage is high at a certain level, even though the landlord wants to increase the scale. Thus, we can find a unique employment point, which is agreeable among all the already participating agents.

목차

1 Introduction

2 Preliminaries

3 Matrix Representation

4 Characterization Result

5 Application to a land corn production economy

6 Conclusion

키워드

TU game µ -value marginal payoff symmetry scale dummy matrix representation land corn production economy