Two-stage budgeting: An extension of Gorman's theorem

This note extends Gorman's [1959] classic result on two-stage budgeting to encompass the two-group cases that he assumed away. The proof, which exploits unpublished and recently published results not available to Gorman in 1959, makes it apparent that the entire structure needed for two-stage budgeting is, in fact, imbedded in the two-group case.

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Year of publication:	1996
Authors:	Blackorby, Charles ; Russell, R. Robert
Published in:	Economic Theory. - Springer. - Vol. 9.1996, 1, p. 185-193
Publisher:	Springer

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Type of publication:	Article
Notes:	Received: June 10, 1994; revised version May 1, 1995
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005155338