Journal Article A Geometric Duality Theorem with Economic Applications Get access D. Gale D. Gale University of California, Berkeley Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 34, Issue 1, January 1967, Pages 19–24, https://doi.org/10.2307/2296568 Published: 01 January 1967

Journal Article A Note on Conjectural Equilibria Get access Douglas Gale Douglas Gale University of Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 45, Issue 1, February 1978, Pages 33–38, https://doi.org/10.2307/2297081 Published: 01 February 1978

An economy is considered that has n goods and k types of labor, each of which is growing at the same constant rate. Goods are produced from labor and other goods by a set of specified activities. Given an initial supply of goods and amounts of labor, all possible production programs running from the present time to infinity through discrete time periods are considered. With each program is associated a utility sequence measuring the satisfaction achieved by the program at each period of time. A program is optimal if its utility sequence overtakes all other such sequences. The paper is devoted to proving the existence of optimal programs for a wide class of economies and to deriving the properties of such programs. In particular it is shown that the optimal program approaches a certain balanced program. Essential use is made of the existence of an infinite sequence of optimal prices with respect to which the optimal program is one which maximizes the sum of profit and utility at each time period. (Author)