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UBC Theses and Dissertations

Essays in the theory and application of duality in economics Appelbaum, Eliezer


This thesis focusses on three areas in the theory and application of duality in economics. First, I integrate duality and dynamic optimization theories in the context of optimal economic growth. I demonstrate the possibility of control through prices and the equivalence of the centralized and decentralized solutions. To develop the dynamic duality relation I apply the duality between production possibilities sets and profit functions. An application is also given in the context of investment theory. Second, I develop, discuss and interpret tests for the static duality theory. Finally, I drop the perfect competition assumption and apply duality to the theory of a non-competitive firm. I investigate the extent to which the propositions in duality theory remain valid for non-competitive firms and provide a framework that permits the identification of different market structures. Within this framework I estimate the technology of a monopolistic industry and test for the price taking behaviour hypothesis.

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