*W. M. Gorman*

*C. Blackorby and A. F. Shorrocks (eds)*

- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780198285212
- eISBN:
- 9780191596322
- Item type:
- book

- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198285213.001.0001
- Subject:
- Economics and Finance, Microeconomics

W. M. (Terence) Gorman has been a major figure in the development of economics during the past 40 years. His publications on separability, aggregation, duality, and the modelling of consumer demand ...
More

W. M. (Terence) Gorman has been a major figure in the development of economics during the past 40 years. His publications on separability, aggregation, duality, and the modelling of consumer demand are recognized as fundamental contributions to economic theory. Many of his unpublished papers have achieved similar status as privately circulated classics. This volume brings together, for the first time, all Gorman's important work on aggregation across commodities and agents, including separability, budgeting, representative agents, and the construction of capital and labour aggregates; much of this has never been published before. The 26 chapters are arranged in two parts: I. Separability and budgeting, and II. Aggregation across agents and firms. Each chapter (except the first) is preceded by an editorial introduction describing its origin and place within the literature, as well as the main results themselves. The book is of interest to academic economists interested in the foundations of consumer and producer theory, and in the interface between microeconomics and macroeconomics. A second volume of works, Modelling and Methodology, covers topics on duality, demand, trade, and welfare.Less

W. M. (Terence) Gorman has been a major figure in the development of economics during the past 40 years. His publications on separability, aggregation, duality, and the modelling of consumer demand are recognized as fundamental contributions to economic theory. Many of his unpublished papers have achieved similar status as privately circulated classics. This volume brings together, for the first time, all Gorman's important work on aggregation across commodities and agents, including separability, budgeting, representative agents, and the construction of capital and labour aggregates; much of this has never been published before. The 26 chapters are arranged in two parts: I. Separability and budgeting, and II. Aggregation across agents and firms. Each chapter (except the first) is preceded by an editorial introduction describing its origin and place within the literature, as well as the main results themselves. The book is of interest to academic economists interested in the foundations of consumer and producer theory, and in the interface between microeconomics and macroeconomics. A second volume of works, *Modelling and Methodology,* covers topics on duality, demand, trade, and welfare.

*Robert G. Chambers*

- Published in print:
- 2021
- Published Online:
- December 2020
- ISBN:
- 9780190063016
- eISBN:
- 9780190063047
- Item type:
- chapter

- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780190063016.003.0006
- Subject:
- Economics and Finance, Econometrics, Microeconomics

The canonical profit maximization problem is surveyed. The concept of a technology set, T, is developed by interpreting ≽(y) as an order that characterizes technically feasible possibilities. Basic ...
More

The canonical profit maximization problem is surveyed. The concept of a technology set, T, is developed by interpreting ≽(y) as an order that characterizes technically feasible possibilities. Basic properties of T are discussed in terms of Y(x) and related to the generic properties of ≽(y) developed in Chapter 3. Distance functions are shown to characterize T, and the consequences of different structural restrictions routinely used in applied producer (and consumer) analysis are investigated. The canonical profit maximization problem is revisited using conjugate dual arguments and the LeChatelier Principle is discussed. The chapter closes with a brief discussion of Revealed Preference Methods in producer theory.Less

The canonical profit maximization problem is surveyed. The concept of a technology set, T, is developed by interpreting ≽(y) as an order that characterizes technically feasible possibilities. Basic properties of T are discussed in terms of Y(x) and related to the generic properties of ≽(y) developed in Chapter 3. Distance functions are shown to characterize T, and the consequences of different structural restrictions routinely used in applied producer (and consumer) analysis are investigated. The canonical profit maximization problem is revisited using conjugate dual arguments and the LeChatelier Principle is discussed. The chapter closes with a brief discussion of Revealed Preference Methods in producer theory.

*Robert G. Chambers*

- Published in print:
- 2021
- Published Online:
- December 2020
- ISBN:
- 9780190063016
- eISBN:
- 9780190063047
- Item type:
- book

- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780190063016.001.0001
- Subject:
- Economics and Finance, Econometrics, Microeconomics

This book uses concepts from optimization theory to develop an integrated analytic framework for treating consumer, producer, and market equilibrium analyses as special cases of a generic ...
More

This book uses concepts from optimization theory to develop an integrated analytic framework for treating consumer, producer, and market equilibrium analyses as special cases of a generic optimization problem. The same framework applies to both stochastic and non-stochastic decision settings, so that the latter is recognized as an (important) special case of the former. The analytic techniques are borrowed from convex analysis and variational analysis. Special emphasis is given to generalized notions of differentiability, conjugacy theory, and Fenchel's Duality Theorem. The book shows how virtually identical conjugate analyses form the basis for modeling economic behavior in each of the areas studied. The basic analytic concepts are borrowed from convex analysis. Special emphasis is given to generalized notions of differentiability, conjugacy theory, and Fenchel's Duality Theorem. It is demonstrated how virtually identical conjugate analyses form the basis for modelling economic behaviour in each of the areas studied.Less

This book uses concepts from optimization theory to develop an integrated analytic framework for treating consumer, producer, and market equilibrium analyses as special cases of a generic optimization problem. The same framework applies to both stochastic and non-stochastic decision settings, so that the latter is recognized as an (important) special case of the former. The analytic techniques are borrowed from convex analysis and variational analysis. Special emphasis is given to generalized notions of differentiability, conjugacy theory, and Fenchel's Duality Theorem. The book shows how virtually identical conjugate analyses form the basis for modeling economic behavior in each of the areas studied. The basic analytic concepts are borrowed from convex analysis. Special emphasis is given to generalized notions of differentiability, conjugacy theory, and Fenchel's Duality Theorem. It is demonstrated how virtually identical conjugate analyses form the basis for modelling economic behaviour in each of the areas studied.