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<p>In this paper we analyze the consequences for production when facing quantity constraints in an axiomatic production theoretic framework. We begin with the axioms–including input essentiality and limitationality–used to prove the Law of Diminishing Returns as formalized by Shephard (<CitationRef CitationID="CR10">1970</CitationRef>). We then apply these axioms to multiple outputs; specifically the case in which there is an intended, marketable output as well as an unintended (bad) output. We consider the effect on intended output of constraints on production of the undesirable output, which may also restrict production of intended output. Finally, we include the axiomatic link provided by Rødseth (<CitationRef CitationID="CR9">2017</CitationRef>) between polluting inputs and undesirable outputs.</p>

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Production under Physical Constraints: In honor of Finn Førsund

  • 期刊论文

  • 发表日期：

    2025年9月15日

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  • Rolf Färe,
  • Shawna Grosskopf

摘要

In this paper we analyze the consequences for production when facing quantity constraints in an axiomatic production theoretic framework. We begin with the axioms–including input essentiality and limitationality–used to prove the Law of Diminishing Returns as formalized by Shephard (1970). We then apply these axioms to multiple outputs; specifically the case in which there is an intended, marketable output as well as an unintended (bad) output. We consider the effect on intended output of constraints on production of the undesirable output, which may also restrict production of intended output. Finally, we include the axiomatic link provided by Rødseth (2017) between polluting inputs and undesirable outputs.