Coase meets Bellman: Dynamic programming for production networks

Tomoo Kikuchi, Kazuo Nishimura, John Stachurski, Junnan Zhang*

*この研究の対応する著者

研究成果: Article査読

抄録

We show that competitive equilibria in a range of models related to production networks can be recovered as solutions to dynamic programs. Although these programs fail to be contractive, we prove that they are tractable. As an illustration, we treat Coase's theory of the firm, equilibria in production chains with transaction costs, and equilibria in production networks with multiple partners. We then show how the same techniques extend to other equilibrium and decision problems, such as the distribution of management layers within firms and the spatial distribution of cities.

本文言語English
論文番号105287
ジャーナルJournal of Economic Theory
196
DOI
出版ステータスPublished - 2021 9

ASJC Scopus subject areas

  • 経済学、計量経済学

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