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Logic of Choice and Economic Theory$
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S. N. Afriat

Print publication date: 1987

Print ISBN-13: 9780198284611

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198284616.001.0001

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Optimal Programming

Optimal Programming

Chapter:
(p.377) V.1 Optimal Programming
Source:
Logic of Choice and Economic Theory
Author(s):

S. N. Afriat

Publisher:
Oxford University Press
DOI:10.1093/0198284616.003.0024

This is the first of five chapters on optimal programming (the typical mathematics of economics) and related issues as related to choice making. It introduces the general ideas of optimal programming in economic terms, with reference to the programming problem of a firm. A theorem is proved that is basic to the entire subject, and requires no special assumptions about the programming functions. The ten sections of the chapter are: bounds, limits and maxima; programming problem of a firm; optimal programming theorem; input–output; output limit function; support gradients and marginal values; complementarity; shadow price decentralization; proof of the theorem; and Lagrange multipliers.

Keywords:   choice, complementarity, economic theory, input–output, Lagrange multipliers, mathematical economics, optimal programming, output limit function, shadow price

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