The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Jul, 1967, Volume 35, Issue 3
https://doi.org/0012-9682(196707/10)35:3/4<530:ACLPMW>2.0.CO;2-J
p. 530-536
M. A. Hanson
This article is concerned with the theory of the "bottleneck" problem experienced by a developing economy, say that of an underdeveloped country which is trying to achieve specified production goals over a fixed time period, where there is competition for restricted resources and limited external aid, including for example competition between the needs for consumer goods and capital goods. The problem is viewed as a generalized type of nonlinear programming problem. Mathematically, a basic difficulty in such a model is of course its enormous size; and it is desirable to find methods of testing approximate solutions. One such test is provided by the duality theory of nonlinear programming, which is shown to apply to this situation, so that the problem can be regarded as either of two distinct problems, which are shown to have the same optimal solution. Economically, these two problems may be described in terms of determining the optimal procedure at any given time during the period in terms of what has already happened, or alternatively in terms of what is required to happen subsequent to that time. The two problems involve respectively maximization and minimization, so that, in particular, upper and lower bounds for the value of production can be calculated for any particular production plan.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
