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Existence of Marginal Cost Pricing Equilibria in Economies with Several Nonconvex Firms

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  • Bonnisseau, Jean-Marc
  • Cornet, Bernard

Abstract

This 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 Info

Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 58 (1990)
Issue (Month): 3 (May)
Pages: 661-82

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Handle: RePEc:ecm:emetrp:v:58:y:1990:i:3:p:661-82

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Cited by:
  1. van den Elzen, Antoon & Kremers, Hans, 2006. "An adjustment process for nonconvex production economies," Journal of Mathematical Economics, Elsevier, vol. 42(1), pages 1-13, February.
  2. Cuong Le Van & Frank H. Page, Jr. & Myrna Wooders, 2005. "Risky Arbitage, Asset Prices, and Externalities," Vanderbilt University Department of Economics Working Papers 0524, Vanderbilt University Department of Economics.
  3. Kaplan, T-R & Wettstein, D, 1996. "Cost Sharing : Efficiency and Implementation," Papers 44-96, Tel Aviv.
  4. Jean-Marc Bonnisseau, 2000. "The Marginal Pricing Rule in Economies with Infinitely Many Commodities," Econometric Society World Congress 2000 Contributed Papers 0262, Econometric Society.
  5. Hichem Ben-El-Mechaiekh & Philippe Bich & Monique Florenzano, 2009. "General equilibrium and fixed point theory : a partial survey," Documents de travail du Centre d'Economie de la Sorbonne 09051, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  6. repec:hal:journl:halshs-00611712 is not listed on IDEAS
  7. Fuentes, Matías N., 2011. "Existence of equilibria in economies with externalities and non-convexities in an infinite-dimensional commodity space," Journal of Mathematical Economics, Elsevier, vol. 47(6), pages 768-776.
  8. 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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