Prices and Pareto Optima
AbstractWe 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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Bibliographic InfoPaper provided by Lund University, Department of Economics in its series Working Papers with number 2006:6.
Length: 17 pages
Date of creation: 06 Mar 2006
Date of revision:
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Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund,Sweden
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Fax: +46 +46 2224613
Web page: http://www.nek.lu.se/en
More information through EDIRC
first and second welfare theorem; weak and strong Pareto optimum; nonconvex tastes or technologies; public goods; externalities; local separation; subdifferentials; normal cones;
Other versions of this item:
- Flam, S.D. & Jourani, A., 2000. "Prices and Pareto Optima," Norway; Department of Economics, University of Bergen 0800, Department of Economics, University of Bergen.
- C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
- D60 - Microeconomics - - Welfare Economics - - - General
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