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The Marginal Pricing Rule in Economies with Infinitely Many Commodities

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Author Info

  • Bonnisseau, J.M.

Abstract

Clarke's normal cone appears as the right tool to define the marginal pricing rule in finite dimensional commodity space since it allows to consider in the same framework convex, smooth as well as nonsmooth nonconvex production sets. Furthermore it has nice continuity and convexity properties. But it is not well adapted for economies with infinitely many commodities since it does satisfy minimal continuity properties. In this paper, we propose an alternative definition of the marginal pricing rule.

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Bibliographic Info

Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Papiers d'Economie Mathématique et Applications with number 2000.47.

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Length: 22 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:fth:pariem:2000.47

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Postal: France; Universite de Paris I - Pantheon- Sorbonne, 12 Place de Pantheon-75005 Paris, France
Phone: + 33 44 07 81 00
Fax: + 33 1 44 07 83 01
Web page: http://cermsem.univ-paris1.fr/
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Keywords: ECONOMIC EQUILIBRIUM ; PRICING ; COMMODITIES;

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References

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  1. Bonnisseau, Jean-Marc & Meddeb, Moncef, 1999. "Existence of equilibria in economies with increasing returns and infinitely many commodities," Journal of Mathematical Economics, Elsevier, vol. 31(3), pages 287-307, April.
  2. Jouini, Elyes, 1988. "A remark on Clarke's normal cone and the marginal cost pricing rule," Journal of Mathematical Economics, Elsevier, vol. 17(2-3), pages 309-315, April.
  3. Khan, M Ali & Vohra, Rajiv, 1987. "An Extension of the Second Welfare Theorem to Economies with Nonconvexities and Public Goods," The Quarterly Journal of Economics, MIT Press, vol. 102(2), pages 223-41, May.
  4. Guesnerie, Roger, 1975. "Pareto Optimality in Non-Convex Economies," Econometrica, Econometric Society, vol. 43(1), pages 1-29, January.
  5. Bonnisseau, Jean-Marc & Cornet, Bernard, 1990. "Existence of Marginal Cost Pricing Equilibria: The Nonsmooth Case," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(3), pages 685-708, August.
  6. Cornet, B., 1986. "The second welfare theorem in nonconvex economies," CORE Discussion Papers 1986030, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Bonnisseau, Jean-Marc & Cornet, Bernard, 1990. "Existence of Marginal Cost Pricing Equilibria in Economies with Several Nonconvex Firms," Econometrica, Econometric Society, vol. 58(3), pages 661-82, May.
  8. Bewley, Truman F., 1972. "Existence of equilibria in economies with infinitely many commodities," Journal of Economic Theory, Elsevier, vol. 4(3), pages 514-540, June.
  9. Shannon, Chris, 1997. "Increasing Returns in Infinite-Horizon Economics," Review of Economic Studies, Wiley Blackwell, vol. 64(1), pages 73-96, January.
  10. BONNISSEAU, Jean-Marc & CORNET, Bernard, . "Valuation equilibrium and Pareto optimum in non-convex economies," CORE Discussion Papers RP -817, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  11. Bonnisseau, Jean-Marc & Cornet, Bernard, 1988. "Existence of equilibria when firms follow bounded losses pricing rules," Journal of Mathematical Economics, Elsevier, vol. 17(2-3), pages 119-147, April.
  12. Cornet, B., 1984. "Existence of equilibria in economies with increasing returns," CORE Discussion Papers 1984007, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  13. Cornet, Bernard, 1988. "Topological properties of the attainable set in a non-convex production economy," Journal of Mathematical Economics, Elsevier, vol. 17(2-3), pages 275-292, April.
  14. CORNET, Bernard, 1988. "Marginal cost pricing and Pareto optimality," CORE Discussion Papers 1988037, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  15. Jouini, Elyès, 1988. "A remark on Clarke's normal cone and the marginal cost pricing rule," Economics Papers from University Paris Dauphine 123456789/5649, Paris Dauphine University.
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Cited by:
  1. M. Ali Khan, 2007. "Perfect Competition," PIDE-Working Papers 2007:15, Pakistan Institute of Development Economics.
  2. Khan, M. Ali Khan, 2007. "Perfect Competition," MPRA Paper 2202, University Library of Munich, Germany.

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