In this work we are concerned with static price games played by a given number of capacity- constrained firms producing a homogeneous commodity. The focus is mainly on capacity configurations in which either all firms are equal or all are so except a larger one and such that no pure strategy...

We analyze a Bertrand-Edgeworth game in a homogeneous product industry, under efficient rationing and constant (and identical across firms) marginal cost until full capacity utilization. We solve for the unique equilibrium in a subset of the no pure strategy equilibrium region of the capacity...

The paper discusses Mark Blaug’s recent criticisms of “Sraffian economics”. It is shown that none of the criticisms stand up to close examination. Blaug commits a number of elementary blunders and mistakes the mathematical form of an argument for its content. He variously contradicts...

This note discusses the numerical examples of land saving and capital saving agricultural improvements Ricardo provided in the chapter on the rent of land in the Principles. Especially his illustration of the second kind of improvements met with fierce criticism. It is argued that Ricardo was...

The topic of joint production theory has played a central role in neo-classical criticism of classical theory, in Sraffa’s proposed rehabilitation of classical theory, and in some Sraffa-based criticisms of Marxian theory. This prominence is not surprising for joint production (and the related...

It is generally acknowledged that Piero Sraffa was one of the most original and important economic theorists of the twentieth century. The significance of Sraffa’s contributions lies in the fact that he elaborated an alternative to the marginalist theory of value and distribution rooted in the...