Abstract
Optimizing is at the heart of economic theory. Economic agents are assumed to maximize either utility or profits by executing a best course of action from their set of feasible alternatives. In general, there are many such best alternatives; linear programming, models, for example, generate whole simplices of solutions for certain values of data. Yet, despite the growing application of linear programming to real world allocation problems and the adoption of set valued supply and demand functions in general equilibrium theory [1], all but a few demonstrations [16, 23, 24, 25] of the stability of dynamic economic models have been restricted to the case where the optimum decision is unique or supply and demand functions are single valued, if not continuously differentiate [17, 27, 34].
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© 1978 Springer-Verlag Berlin Heidelberg
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Cherene, L.J. (1978). Introduction. In: Set Valued Dynamical Systems and Economic Flow. Lecture Notes in Economics and Mathematical Systems, vol 158. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-45504-9_1
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DOI: https://doi.org/10.1007/978-3-642-45504-9_1
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