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On a General Existence Theorem for Marginal Cost Pricing Equilibria

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Author Info
Donald J. Brown () (Cowles Foundation, Yale University)
Geoffrey M. Heal (Columbia University)
M. Ali Khan (University of Illinois)
Rajiv Vohra (Brown University)

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

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Length: 20 pages
Date of creation: Dec 1984
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Publication status: Published in Journal of Economic Theory (April 1986), 38(2): 371-379
Handle: RePEc:cwl:cwldpp:724

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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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References listed on IDEAS
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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. [Downloadable!] (restricted)
  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. [Downloadable!] (restricted)
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  1. Chichilnisky, Graciela, 1990. "General equilibrium and social choice with increasing returns," MPRA Paper 8124, University Library of Munich, Germany. [Downloadable!]
  2. 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. [Downloadable!]
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