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Prices and Pareto Optima

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  • Flam, Sjur

    ()
    (Economics Department, Bergen University)

  • Jourani, A.

    ()
    (Institut de Mathématiques de Bourgogne)

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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Bibliographic 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/en
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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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  1. 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).
  2. 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.
  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.
  4. Guesnerie, Roger, 1975. "Pareto Optimality in Non-Convex Economies," Econometrica, Econometric Society, vol. 43(1), pages 1-29, January.
  5. Evstigneev, I.V. & Flam, S.D., 2000. "Sharing Nonconvex Costs," Norway; Department of Economics, University of Bergen 1300, Department of Economics, University of Bergen.
  6. 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.
  7. CORNET, Bernard, 1988. "Marginal cost pricing and Pareto optimality," CORE Discussion Papers 1988037, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. 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.
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