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Prices and Pareto Optima

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Author Info
Flam, Sjur () (Economics Department, Bergen University)
Jourani, A. () (Institut de Mathématiques de Bourgogne)

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Abstract

We provide necessary conditions for Pareto optimum in economies where tastes or technologies may be nonconvex, nonsmooth, and affected by externalities. Firms can pursue own objectives, much like the consumers. Infinite-dimensional commodity spaces are accommodated. Public goods and material balances are accounted for as special instances of linear restrictions.

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File URL: http://www.nek.lu.se/publications/workpap/Papers/WP06_6.pdf
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Publisher Info
Paper provided by Lund University, Department of Economics in its series Working Papers with number 2006:6.

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Length: 17 pages
Date of creation: 06 Mar 2006
Date of revision:
Handle: RePEc:hhs:lunewp:2006_006

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Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund,Sweden
Phone: +46 +46 222 0000
Fax: +46 +46 2224613
Web page: http://www.nek.lu.se/
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Related research
Keywords: first and second welfare theorem weak and strong Pareto optimum nonconvex tastes or technologies public goods externalities local separation subdifferentials normal cones

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Find related papers by JEL classification:
C60 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - General
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
D60 - Microeconomics - - Welfare Economics - - - General

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  1. Guesnerie, Roger, 1975. "Pareto Optimality in Non-Convex Economies," Econometrica, Econometric Society, vol. 43(1), pages 1-29, January. [Downloadable!] (restricted)
  2. Cornet, B., 1988. "Marginal Cost Pricing And Pareto Optimality," Papers 8837, Catholique de Louvain - Center for Operations Research and Economics.
  3. Flam, S. D. & Jourani, A., 2003. "Strategic behavior and partial cost sharing," Games and Economic Behavior, Elsevier, vol. 43(1), pages 44-56, April. [Downloadable!] (restricted)
  4. 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. [Downloadable!] (restricted)
  5. Flam, Sjur & Owen, Guillermo & Saboya, Martha, 2005. "The not-quite non-atomic game: Non-emptiness of the core in large production games," Mathematical Social Sciences, Elsevier, vol. 50(3), pages 279-297, November. [Downloadable!] (restricted)
  6. Bonnisseau, Jean-Marc & Cornet, Bernard, 1988. "Valuation equilibrium and pareto optimum in non-convex economies," Journal of Mathematical Economics, Elsevier, vol. 17(2-3), pages 293-308, April. [Downloadable!] (restricted)
  7. Foley, Duncan K, 1970. "Lindahl's Solution and the Core of an Economy with Public Goods," Econometrica, Econometric Society, vol. 38(1), pages 66-72, January. [Downloadable!] (restricted)
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