Applications of Optimization Theory to Social Benefit Maximizations in Macroeconomics with Uncertainty. (17th August 2020)

• Record Type: Journal Article
• Authors: Li, Jinlu; Stone, Glenn
• Is Part Of: Numerical functional analysis and optimization. Volume 41:Number 11(2020)
• Page Start: 1287
• Page End: 1307
• Publication Date: 2020-08-17
• Subjects: Generalized social benefit (utility) maximization -- upward power preorder -- problem -- generalized optimal complete feasible fiscal policy -- generalized Pareto optimal complete feasible fiscal policy; Functional analysis -- Periodicals; Numerical analysis -- Periodicals; Mathematical optimization -- Periodicals; Numerical Analysis, Computer-Assisted; 515.705
• DOI: 10.1080/01630563.2020.1749072
• Languages: English
• ISSNs: 0163-0563

Abstract

Abstract: In this paper, we use the upward power preorder relation on the power sets of ordered sets to construct a mathematical social benefit maximization model in a fiscal year with respect to the initially planned fiscal budgetary policies and the practically implementation of the fiscal budgetary policies. We only consider the uncertainty case for the social benefit functions. By applying the Fan-KKM Theorem, we prove the existence of a generalized optimal complete feasible fiscal budget policy and the existence of a generalized Pareto optimal complete feasible fiscal policy, respectively.