Endogenous Input Prices in Linear Programming Models

Peter B. R. Hazell

American Journal of Agricultural Economics, 1979, vol. 61, issue 3, 476-481

Abstract: This paper provides a method for formulating linear programming models in which one or more factors have upward sloping supply schedules, and the prices of these factors are to be endogenously determined at either their competitive market equilibrium values or at the levels set by a monopsonist. The method for achieving these results utilizes the sum, over the relevant factor markets, of the producers' and consumers' surplus, and is an extension of existing methods for solving price endogenous models of product markets.

Date: 1979
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