Set Of Equilibrium Prices Research Articles

Regional location of cattle feeding — A spatial equilibrium analysis

This study focuses on factors affecting the regional location of cattle feeding. Briefly stated, these factors include the regional demand for beef, transfer costs for carcass beef and for the intermediate products of feeds and feeder cattle, feed conversion efficiency by region, and regional supplies of the intermediate products of concentrate feed, hay, and feeder cattle. The study is a partial equilibrium approach to the location of feedlots, taking as given the location of production of other livestock products. A competitive equilibrium model was developed for analyzing the location of cattle feeding for a 20-region breakdown of the United States for the 1957-58 feeding year. A linear programming technique was utilized to quantify the model. The solution generated provides the spatial distribution of cattle feeding by region, the pattern of interregional shipments of intermediate products and of carcass beef, a set of equilibrium prices for beef, and imputed prices for intermediate products by region. Four models were quantified to test alternative model specifications as to feedlot nonfeed costs, regional feed conversion efficiency, and regional demand for beef. Results indicate no simple rules for location of cattle feeding, but rather stress the importance of considering the interrelationships among the major variables such as the regional demand for beef, regional intermediate product supply, regional feed conversion efficiency, and transfer costs for the intermediate products and for carcass beef.

Disequilibrium-Pricing Versus Inconsistent Preferences in Unemployment Theory

Apart from the voluminous literature on pragmatic issues of employment policy written after the appearance of J. M. Keynes's General Theory, relatively few authors have probed the conceptual foundations of unemployment theories. The object of this essay is to review or reinterpret the main analytical systems that have been used in attempts to explain unemployment, to discuss their relevance to reality, and to suggest an alternative model.Consistency as an Optimum Property of Classical General Equilibrium Systems. Classical general equilibrium theory, in particular Pareto's system, may be interpreted in two ways: either in the sense that once the equilibrium values of the variables are realized, the economic system will remain stationary as long as the parameters of the equations remain unchanged; or, and this applies to Pareto more than to Walras, in the sense that the equilibrium values, in a certain competitive framework, represent an “optimum” situation, any deviation from which involves a welfare-loss.The set of equilibrium prices and quantities is the solution of a system of equations implicitly assumed to be consistent. The equilibrium values are in fact those that render mutually compatible the results of the maximizing behaviour of individuals, given the psychological and technological parameters and the initial distribution of assets. In order to yield an equilibrium solution, a system of equations must be consistent. But, although consistency is necessary for an optimum solution, it is not sufficient.