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Non-existence of equilibria with free elimination

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Hans-Jürgen Salchow ()

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Abstract

This 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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Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Cahiers de la Maison des Sciences Economiques with number b05057.

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Length: 21 pages
Date of creation: Mar 2005
Date of revision:
Handle: RePEc:mse:wpsorb:b05057

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Related research
Keywords: Free disposal; increasing returns to scale; marginal pricing; non-convex production.;

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Find related papers by JEL classification:
C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
D62 - Microeconomics - - Welfare Economics - - - Externalities

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  1. Hardle, Wolfgang & Hildenbrand, Werner & Jerison, Michael, 1991. "Empirical Evidence on the Law of Demand," Econometrica, Econometric Society, vol. 59(6), pages 1525-49, November. [Downloadable!] (restricted)
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  2. Gerard Debreu, 1961. "New Concepts and Techniques for Equilibrium Analysis," Cowles Foundation Discussion Papers 129, Cowles Foundation, Yale University. [Downloadable!]
  3. Hamano, Tadashi, 1994. "On the existence of equilibria without convexity or free disposal on production technologies," Journal of Mathematical Economics, Elsevier, vol. 23(6), pages 565-583, November. [Downloadable!] (restricted)
  4. Jouini, Elyes, 1992. "Existence of equilibria in nonconvex economies without free disposal," Economics Letters, Elsevier, vol. 38(1), pages 37-42, January. [Downloadable!] (restricted)
  5. Shafer, Wayne J, 1974. "The Nontransitive Consumer," Econometrica, Econometric Society, vol. 42(5), pages 913-19, September. [Downloadable!] (restricted)
  6. Cornet, Bernard, 1988. "General equilibrium theory and increasing returns : Presentation," Journal of Mathematical Economics, Elsevier, vol. 17(2-3), pages 103-118, April. [Downloadable!] (restricted)
  7. Bonnisseau, Jean-Marc & Cornet, Bernard, 1990. "Existence of Marginal Cost Pricing Equilibria: The Nonsmooth Case," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(3), pages 685-708, August. [Downloadable!] (restricted)
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