Prices and Incomes in Linear Programming Models

John H. Duloy and Roger D. Norton

American Journal of Agricultural Economics, 1975, vol. 57, issue 4, 591-600

Abstract: A procedure is developed for representing competitive and noncompetitive market structures in linear programming models. Arbitrarily close approximations to nonlinear forms—in both the objective function and constraint set—can be made without much loss of the computational efficiency of the simplex algorithm. The noncompetitive market structure may be used for measuring income at endogenous prices in a competitive model and may serve as a constraint on that measure of income to represent certain classes of economic policies. Product substitution effects in demand can be approximated by a linear program. The demand structure can be transformed to take account of any shift in demand which can be represented by a rotation of the demand function.

Date: 1975
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:57:y:1975:i:4:p:591-600.

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