Investment and quality of output in an economy with shortage
An attempt is made to solve a model of a socialist enterprise operating in a situation where shortage is possible. The shortage can manifest itself in the form of real shortages or in the supply of output at a quality lower than that which the firm is technically capable of achieving. The approach i...
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| Veröffentlicht in: | European economic review 1990-05, Vol.34 (2), p.349-354 |
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| container_title | European economic review |
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| creator | Hare, Paul G. |
| description | An attempt is made to solve a model of a socialist enterprise operating in a situation where shortage is possible. The shortage can manifest itself in the form of real shortages or in the supply of output at a quality lower than that which the firm is technically capable of achieving. The approach involves taking a restrictive view of the firm's goals under socialism. Expected profits are maximized by studying the behavior of profits and other variables as a function of the random variables. An explicit maximization is carried out using properties revealed by this process. Using a particular set of parameters to provide a basic solution for the model, further solutions are calculated to study the effect of changes in the basic data. The model can be developed in various ways to facilitate the study of other aspects of firms' investment behavior in a shortage economy. |
| doi_str_mv | 10.1016/0014-2921(90)90107-A |
| format | Article |
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| ispartof | European economic review, 1990-05, Vol.34 (2), p.349-354 |
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| source | RePEc; Elsevier ScienceDirect Journals; Periodicals Index Online |
| subjects | Capital investments Economic models Economic theory Input output analysis Investment Production functions Random variables Shortage Shortages Socialism Statistical analysis Studies Supply & demand |
| title | Investment and quality of output in an economy with shortage |
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