An Extremal Principle for Accounting Balance of a Resource Value-Transfer Economy: Existence, Uniqueness and Computation
TEXAS UNIV AT AUSTIN CENTER FOR CYBERNETIC STUDIES
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An extremal principle for accounting balance of a resource value- transfer economy of W. P. Drews is developed. Through it, existence and uniqueness are completely characterized in terms of an associated linear programming problem of pure distribution transportation type. An existence theorem of Dantzigs established by the Brouwer fixed point theorem under economically unrealistic conditions is an immediate special corollary. The principle is equivalent to unconstrained minimization of a simple strictly convex function and can be computed thereby. Alternately, it is an extended geometric programming problem whose dual is minimization of a strictly convex function subject to the same distribution constraints mentioned above.
- Economics and Cost Analysis
- Operations Research