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On a General Existence Theorem for Marginal Cost Pricing Equilibria

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Abstract

We 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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File URL: http://cowles.econ.yale.edu/P/cd/d07a/d0724.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 724.

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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
Handle: RePEc:cwl:cwldpp:724

Note: CFP 653.
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Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
Phone: (203) 432-3702
Fax: (203) 432-6167
Web page: http://cowles.econ.yale.edu/
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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  1. 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.
  2. 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.
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Cited by:
  1. Antonio Villar, 1994. "Existence and efficiency of equilibrium in economics with increasing returns to scale: an exposition," Investigaciones Economicas, Fundación SEPI, vol. 18(2), pages 205-243, May.
  2. 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.
  3. Tian, Guoqiang, 2005. "Implementation in production economies with increasing returns," Mathematical Social Sciences, Elsevier, vol. 49(3), pages 309-325, May.
  4. Chichilnisky, Graciela, 1990. "General equilibrium and social choice with increasing returns," MPRA Paper 8124, University Library of Munich, Germany.

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