On a General Existence Theorem for Marginal Cost Pricing Equilibria
AbstractWe report a generalization of recent results on the existence of marginal cost pricing equilibria (MCPE) in economies with an increasing returns to scale industry. Our result makes no ad hoc assumptions which force the equilibrium to be on the efficiency frontier of the aggregate production possibility set. We also present an additional condition under which our MCPE are productivity efficient in the aggregate.
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Bibliographic InfoPaper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 724.
Length: 20 pages
Date of creation: Dec 1984
Date of revision:
Publication status: Published in Journal of Economic Theory (April 1986), 38(2): 371-379
Note: CFP 653.
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA
Other versions of this item:
- Brown, Donald J. & Heal, Geoffrey M. & Ali Khan, M. & Vohra, Rajiv, 1986. "On a general existence theorem for marginal cost pricing equilibria," Journal of Economic Theory, Elsevier, vol. 38(2), pages 371-379, April.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dierker, Egbert & Guesnerie, Roger & Neuefeind, Wilhelm, 1985. "General Equilibrium When Some Firms Follow Special Pricing Rules," Econometrica, Econometric Society, vol. 53(6), pages 1369-93, November.
- Beato, Paulina, 1982. "The Existence of Marginal Cost Pricing Equilibria with Increasing Returns," The Quarterly Journal of Economics, MIT Press, vol. 97(4), pages 669-88, November.
- Antonio Villar, 1994.
"Existence and efficiency of equilibrium in economics with increasing returns to scale: an exposition,"
Fundación SEPI, vol. 18(2), pages 205-243, May.
- Antonio Villar Notario, 1994. "Existence and efficiency of equilibrium in economies with increasing returns to scale: An exposition," Working Papers. Serie AD 1994-07, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Elzen, Antoon van den & Kremers, Hans, 1999.
"An adjustment process for nonconvex production economies,"
Serie Research Memoranda
0001, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
- 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.
- Tian, Guoqiang, 2005. "Implementation in production economies with increasing returns," Mathematical Social Sciences, Elsevier, vol. 49(3), pages 309-325, May.
- Chichilnisky, Graciela, 1990. "General equilibrium and social choice with increasing returns," MPRA Paper 8124, University Library of Munich, Germany.
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