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Existence of equilibria with a tight marginal

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Author Info
Jean-Marc Bonnisseau () (Centre d'Economie de la Sorbonne)
Bernard Cornet () (Centre d'Economie de la Sorbonne et University of Kansas)

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Abstract

This paper deals with the existence of marginal pricing equilibria when it is defined by using a new and tighter normal cone introduced by B. Cornet and M.O. Czarnecki. The main interest of this new definition of the marginal pricing rule comes from the fact that it is more precise in the sense that the set of prices satisfying the condition is smaller than the one given by the Clarke's normal cone. The counterpart is that it is not convex valued, which leads to some mathematical difficulties in the existence proof. The result is obtained through an approximation argument under the same assumptions as in the previous existence results.

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Publisher Info
Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Cahiers de la Maison des Sciences Economiques with number b06022.

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Length: 20 pages
Date of creation: Jan 2006
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Handle: RePEc:mse:wpsorb:b06022

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Related research
Keywords: General economic equilibrium; increasing returns; marginal pricing rule; existence.;

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Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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References listed on IDEAS
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  1. Cornet, B., 1984. "Existence of equilibria in economies with increasing returns," CORE Discussion Papers 1984007, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Bonnisseau, Jean-Marc, 1992. "Existence of equilibria in the presence of increasing returns : A synthesis," Journal of Mathematical Economics, Elsevier, vol. 21(5), pages 441-452. [Downloadable!] (restricted)
  3. Guesnerie, Roger, 1975. "Pareto Optimality in Non-Convex Economies," Econometrica, Econometric Society, vol. 43(1), pages 1-29, January. [Downloadable!] (restricted)
  4. Jean-Marc Bonnisseau & Bernard Cornet & Marc-Olivier Czarnecki, 2005. "The marginal pricing rule revisited," Cahiers de la Maison des Sciences Economiques b06021, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
    Other versions:
  5. Gerard Debreu, 1961. "New Concepts and Techniques for Equilibrium Analysis," Cowles Foundation Discussion Papers 129, Cowles Foundation, Yale University. [Downloadable!]
  6. Bonnisseau, J.-M. & Cornet, B., 1986. "Fixed-point theorems and MorseÕs lemma for Lipschitzian functions," CORE Discussion Papers 1986028, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Khan, M Ali, 1999. " The Mordukhovich Normal Cone and the Foundations of Welfare Economics," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 1(3), pages 309-38. [Downloadable!] (restricted)
  8. 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)
  9. 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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  10. Jouini, Elyes, 1988. "A remark on Clarke's normal cone and the marginal cost pricing rule," Journal of Mathematical Economics, Elsevier, vol. 17(2-3), pages 309-315, April. [Downloadable!] (restricted)
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  11. Jean-Marc Bonnisseau & Alexandrine Jamin, 2003. "Equilibria with increasing returns : sufficient conditions on bounded production allocations," Cahiers de la Maison des Sciences Economiques b05045, Université Panthéon-Sorbonne (Paris 1), revised Jun 2005. [Downloadable!]
    Other versions:
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