2016 | OriginalPaper | Chapter
Primal Simplex Algorithm: The Price-Taking Firm
Author : Quirino Paris
Published in: An Economic Interpretation of Linear Programming
Publisher: Palgrave Macmillan US
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Since 1947, the discovery year of the simplex method, several different approaches have been proposed for solving linear programming problems. Surprisingly, the first method still seems to be the best procedure. The simplex method is “best” in the sense that it is a very efficient procedure for solving a large class of empirical LP problems and, furthermore, every single step can be given an economic interpretation.