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THE DUALITY OF THE PRICE AND TECHNOLOGY SETS
Author(s) -
Magill Michael J. P.
Publication year - 1974
Publication title -
metroeconomica
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.256
H-Index - 29
eISSN - 1467-999X
pISSN - 0026-1386
DOI - 10.1111/j.1467-999x.1974.tb00336.x
Subject(s) - convexity , duality (order theory) , dual (grammatical number) , mathematical economics , profit (economics) , economics , efficient frontier , set (abstract data type) , mathematics , microeconomics , computer science , financial economics , discrete mathematics , portfolio , art , literature , programming language
This paper is concerned with the generalisation of Samuleson's factor‐price frontier in the framework of efficient allocation of resources. Efficient prices dual to efficient allocations are defined in terms of the concept of normal profit and characterised by a theorem dual to Koopmans'theorem on efficient allocations. A Duality theorem (familar in convexity theory) shows that a knowledge of these prices leads to an alternative derivation of the technology set.