Existence of Marginal Cost Pricing Equilibria in Economies with Several Nonconvex Firms
AbstractThis paper considers a general equilibrium model of an economy where some firms may exhibit increasing returns to scale or more general types of nonconvexities. The firms are instructed to follow the standard marginal cost pricing rule or to fulfill the first-order necessary conditions for profit maximization. A general existence theorem of equilibria is proved in the case of an arbitrary number of firms. No assumption is made to imply the aggregate productive efficiency of equilibria, a condition that must be excluded in the nonconvex case. Copyright 1990 by The Econometric Society.
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Bibliographic InfoArticle provided by Econometric Society in its journal Econometrica.
Volume (Year): 58 (1990)
Issue (Month): 3 (May)
Other versions of this item:
- BONNISSEAU, Jean-Marc & CORNET, Bernard, . "Existence of marginal cost pricing equilibria in economies with several nonconvex firms," CORE Discussion Papers RP -941, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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- David, Laurent & Le Breton, Michel & Merillon, Olivier, 2007. "Kolm as a Contributor to Public Utility Pricing, Second Best Culture and the Theory of Regulation," IDEI Working Papers 490, Institut d'Économie Industrielle (IDEI), Toulouse.
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- Jean-Marc Bonnisseau, 2000.
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