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2013 | 23 | nr 1 | 29--35
Tytuł artykułu

Exchange of Goods While Investing Into Production and Safety

Autorzy
Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The tradeoff between production and safety investment is scrutinized for two agents who convert resources into production and safety investment while simultaneously exchanging goods voluntarily. We quantify how two Cobb-Douglas parameters, one scaling production versus safety, and the other scaling the relative importance of two goods, impact two agents' production, safety effort, incomes, export, import, price, and utilities. An agent's income from producing a good reaches a maximum for an intermediate value of the Cobb-Douglas parameter that scales the importance of productive effort relative to safety effort. The price of good 2 in terms of good 1, and the agents' utilities depend on both the Cobb-Douglas parameters, the productivity parameter, and both agents' resources and unit costs of production and safety effort. (original abstract)
Słowa kluczowe
Rocznik
Tom
23
Numer
Strony
29--35
Opis fizyczny
Twórcy
  • University of Stavanger, Norway
Bibliografia
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171252375

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