Interpreting von neumann model prices as marginal values
The “prices” of goods in a generalized von Neumann model are shown to have the economic interpretation they naturally should have: the price of a good is, save mathematical niceties, the marginal rate at which the growth rate decreases as the consumption of that good increases.
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| Veröffentlicht in: | Journal of economic theory 1974-12, Vol.9 (4), p.449-463 |
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| Hauptverfasser: | , |
| Format: | Artikel |
| Sprache: | eng |
| Online-Zugang: | Volltext |
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| Zusammenfassung: | The “prices” of goods in a generalized von Neumann model are shown to have the economic interpretation they naturally should have: the price of a good is, save mathematical niceties, the marginal rate at which the growth rate decreases as the consumption of that good increases. |
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| ISSN: | 0022-0531 1095-7235 |
| DOI: | 10.1016/0022-0531(74)90045-3 |