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On The Efficiency Of Market Equilibrium In Production Economies

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  • Antonio Villar Notario

    (Instituto Valenciano de Investigaciones Económicas)

Abstract

This paper introduces the notion of Market Equilibrium With Active Consumers (MEWAC), in order to characterize the efficiency of market outcomes in production economies. We show that, no matter the behaviour followed by the firms, a market equilibrium is efficient if it is a MEWAC. And also that every efficient allocation can be decentralized as a MEWAC in which firms follow the marginal pricing rule.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-2000-17.pdf
File Function: Fisrt version / Primera version, 2000
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Bibliographic Info

Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 2000-17.

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Length: 17 pages
Date of creation: Jun 2000
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:2000-17

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  1. Lewis Makowski & Joseph Ostroy, 2010. "Appropriation and Efficiency: A Revision of the First Theorem of Welfare Economics," Levine's Working Paper Archive 1386, David K. Levine.
  2. BONNISSEAU, Jean-Marc & CORNET, Bernard, . "Existence of equilibria when firms follow bounded losses pricing rules," CORE Discussion Papers RP -814, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Aaron S. Edlin & Mario Epelbaum & Walter P. Heller, 1998. "Is Perfect Price Discrimination Really Efficient?: Welfare and Existence in General Equilibrium," Econometrica, Econometric Society, vol. 66(4), pages 897-922, July.
  4. Antonio Villar Notario & Peter Hammond, 1998. "- Valuation Equlibrium Revisited," Working Papers. Serie AD 1998-24, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  5. Donald J. Brown & Geoffrey M. Heal, 1978. "Equity, Efficiency and Increasing Returns," Cowles Foundation Discussion Papers 504, Cowles Foundation for Research in Economics, Yale University.
  6. Vohra, Rajiv, 1990. "On the Inefficiency of Two-Part Tariffs," Review of Economic Studies, Wiley Blackwell, vol. 57(3), pages 415-38, July.
  7. Vohra, Rajiv, 1988. "Optimal regulation under fixed rules for income distribution," Journal of Economic Theory, Elsevier, vol. 45(1), pages 65-84, June.
  8. Antonio Villar, 2007. "Competitive Pricing," Working Papers 07.08, Universidad Pablo de Olavide, Department of Economics.
  9. Hammond, Peter J & Villar, Antonio, 1998. " Efficiency with Non-convexities: Extending the "Scandinavian Consensus" Approaches," Scandinavian Journal of Economics, Wiley Blackwell, vol. 100(1), pages 11-32, March.
  10. Guesnerie, Roger, 1975. "Pareto Optimality in Non-Convex Economies," Econometrica, Econometric Society, vol. 43(1), pages 1-29, January.
  11. Moriguchi, Chiaki, 1996. "Two-part marginal cost pricing in a pure fixed cost economy," Journal of Mathematical Economics, Elsevier, vol. 26(3), pages 363-385.
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