Universal Growth In Production Economies

Authors:
Simina Branzei Purdue University
Ruta Mehta UIUC
Noam Nisan Hebrew University of Jerusalem and Microsoft Research

Introduction:

The authors study a simple variant of the von Neumann model of an expanding economy, in which multiple producers make goods according to their production function.

Abstract:

We study a simple variant of the von Neumann model of an expanding economy, in which multiple producers make goods according to their production function. The players trade their goods at the market and then use the bundles received as inputs for the production in the next round. The decision that players have to make is how to invest their money (i.e. bids) in each round.

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