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Resources, Institutions And Technologies: Game Modeling Of Dual Relations

Vladimir Matveenko
Authors registered in the RePEc Author Service: Владимир Матвеенко

Montenegrin Journal of Economics, 2013, vol. 9, issue 3, 7-28

Abstract: A new approach is proposed revealing duality relations between a physical side of economy (resources and technologies) and its institutional side (distributional relations between social groups). Production function is modeled not as a primal object but rather as a secondary one defined in a dual way by the institutional side. Differential games of bargaining are proposed to model a behavior of workers and capital-owners in process of prices or weights formation. These games result, correspondingly, in a price curve and in a weight curve -- structures dual to a production function. Ultimately, under constant bargaining powers of the participants, the Cobb-Douglas production function is generated.

Date: 2013
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Handle: RePEc:mje:mjejnl:v:9:y:2013:i:3:p:7-28