The Second Welfare Theorem with public goods in general economies
AbstractIn this paper we prove a general version of the Second Welfare Theorem for a non-convex and non-transitive economy, with public goods and other externalities in consumption. For this purpose we use the sub-gradient to the distance function (normal cone) to define the pricing rule in this general context.
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Bibliographic InfoPaper provided by University of Chile, Department of Economics in its series Working Papers with number wp318.
Length: 13 pages
Date of creation: Apr 2010
Date of revision:
Non-convex separation; Second Welfare Theorem; public goods; externalities.;
Find related papers by JEL classification:
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-07-17 (All new papers)
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