Non-existence of equilibria with free elimination
AbstractThis work is concerned in the existence problem of equilibria for economies with increasing returns to scale. The consequences of relaxing the free disposal assumption are investigated. It is sown that the free disposal assumption can not be dropped, not even relaxed to the assumption of free elimination, without risking that equilibria may fail to exist. This may give new insight to the work of Giraud (2000) and Jouini (1992), because they proved the existence of equilibria for economies without free disposal assuming the production sets to verify (even weaker forms of) free elimination.
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Date of creation: Mar 2005
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Free disposal; increasing returns to scale; marginal pricing; non-convex production.;
Other versions of this item:
- C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
- D62 - Microeconomics - - Welfare Economics - - - Externalities
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