Model of an Open Microeconomic System Taking into Account its Objective Function

An economic system is considered. The system consists of an active subsystem (a firm). There exists exchange between the firm and two economic reservoirs (markets) which are in environment of the system. Two cases are investigated; they are stationary and nonstationary regimes of the system function...

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Bibliographic Details
Published inInterdisciplinary Description of Complex Systems Vol. 10; no. 2; pp. 80 - 87
Main Author Amelkin, Serghey A.
Format Journal Article Paper
LanguageEnglish
Published Zagreb Croatian Interdisciplinary Society 01.01.2012
Hrvatsko interdisciplinarno društvo
Subjects
Economics
market
Markets
microeconomic system
Objective function
Optimization
Parameters
profit
Profitability
Profits
stationary and nonstationary regimes
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ISSN1334-4684
1334-5230
1334-4676
1334-4676
DOI10.7906/indecs.10.2.4

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Summary:An economic system is considered. The system consists of an active subsystem (a firm). There exists exchange between the firm and two economic reservoirs (markets) which are in environment of the system. Two cases are investigated; they are stationary and nonstationary regimes of the system functioning. The parameters of the market are constant in the stationary regime. Parameters of the market in the nonstationary regime are random; their distributions are known. Expressions for maximal profit and maximal profitability at given profit are obtained. Additional problem is considered for nonstationary regime. It is minimization of risks problem. Optimality conditions for this problem are obtained.
Bibliography:ObjectType-Article-1
SourceType-Scholarly Journals-1
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ISSN:1334-4684
1334-5230
1334-4676
1334-4676
DOI:10.7906/indecs.10.2.4