A Functional Inequality and the Law of Diminishing Returns
Functional equations have always been an important area in mathematics, and have found much applications in the physical sciences. Functional equations have become a useful technique in economic analysis; for example, in the study of aggregation, technical progress, structures of utility functions, price indices and scaling of production, etc. [see Eichhorn].
Unable to display preview. Download preview PDF.
- Eichhorn, W.: Functional Equations in Economics. Reading, MA, 1978.Google Scholar
- Mak, K.: General Homothetic Production Correspondences. ORC 80–7, Operations Research Center, University of California, Berkeley 1980.Google Scholar
- Mak, K.: Dynamic Laws of Returns under Uncertainty. Quantitative Studies on Production and Prices. Ed. by W. Eichhorn et al. Würzburg-Wien 1982 (this volume).Google Scholar
- Radner, R.: Dynamic Programming of Economic Growth. Activity Analysis in the Theory of Growth and Planning. Ed. by E. Malinvaud and M.O.L. Bacharach. New York 1967.Google Scholar
- Shephard, R. W.: Proof of the Law of Diminishing Returns. Zeitschrift für Nationalökonomie 30, 1970, 7–34.Google Scholar
- Shephard, R. W.: Semi-homogeneous Production Functions and Scaling of Production. Lecture Notes in Economics and Mathematical Systems 99, Berlin 1974.Google Scholar