The Convexity Assumption in the Theory of Competitive Markets
The Convexity Assumption in the Theory of Competitive Markets
复制标题
竞争市场理论中的凸性假设
DOI：
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发表时间：
1959
影响因子：
8.2
通讯作者：
M. Farrell
中科院分区：
文献类型：
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作者：
M. Farrell
本文的目的是研究当无差异映射和生产函数不再是凸的时，完全竞争市场所带来的资源配置在多大程度上保持最优。最近有人断言，在这种情况下，竞争性制度的配置效率就会崩溃。如果这是真的，它将构成严重的限制，因为，正如我将要论证的。在真实的世界中，相关函数通常不是凸函数。然而，我们将看到，传统的凸性假设对于竞争市场的最优性来说决不是必不可少的，相反的断言是基于一个基本的谬误。我将比较详细地考察确定性条件下竞争市场的行为。
The object of this paper is to examine how far the allocation of resources brought about by s perfectly competitive market remains optimal when indifference maps and production functions cease to be convex. It has recently been asserted that the allocative efficiency of a competitive system breaks down under these circumstances. If this true, it would constitute s serious limitation, for, as I shall argue. In the real world the relevant functions are often not convex. However, we shall see that the traditional assumptions of convexity are by no means essential to the optimality of competitive markets and that the assertions to the contrary are based on an elementary fallacy. I shall examine in some detail the behavior of competitive markets under conditions of certainty.