Abstract
R.W. Shephard’s [1974] eight axioms for production correspondences are consistent but dependent. We show that certain subsets of seven of the eight axioms are independent. This remains true in the case when the stronger versions of (some of) the axioms as formulated in Shepard [1970] are considered.
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References
Eichhorn W., Unabfangigkeit der Shephardschen Axiome, in Statistik, Informatik und Ökonomie, edited by W.Janko. Springer-Verlag, Berlin-Heidelberg-New York, 1988, pp. 49–54.
Fare R., Fundamentals of Production Theory. Lecture Notes in Economics and Mathematical Systems, vol. 311. Springer-Verlag, Berlin-Heidelberg-New York 1988.
Shephard R.W., Theory of Cost and Production Functions. Princeton University Press, Princeton 1970.
Shephard R.W., Indirect Production Functions. Verlag Anton Hain, Meisenheim 1974.
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© 1990 Springer-Verlag Berlin Heidelberg
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Eichhorn, W., Leopold, U. (1990). Logical Aspects Concerning Shephard’s Axioms of Production Theory. In: Cambini, A., Castagnoli, E., Martein, L., Mazzoleni, P., Schaible, S. (eds) Generalized Convexity and Fractional Programming with Economic Applications. Lecture Notes in Economics and Mathematical Systems, vol 345. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-46709-7_26
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DOI: https://doi.org/10.1007/978-3-642-46709-7_26
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-52673-5
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