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Existence of Equilibria with a Tight Marginal Pricing Rule

  • Jean-Marc Bonnisseau

    ()

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Bernard Cornet

    ()

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, University of Kansas - University of Kansas)

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 pricessatisfying 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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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00113335.

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Date of creation: Jan 2006
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Publication status: Published in Cahiers de la Maison des Sciences Economiques 2006.22 - ISSN 1624-0340. 2006
Handle: RePEc:hal:cesptp:halshs-00113335
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00113335
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  1. 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).
  2. M Ali Khan, 1998. "The Murdukovich Normal Cone and the Foundations of Welfare Economics," Economics Working Paper Archive 404, The Johns Hopkins University,Department of Economics.
  3. 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.
  4. BONNISSEAU, Jean-Marc & CORNET, Bernard, . "Fixed-point theorems and Morse's lemma for Lipschitzian functions," CORE Discussion Papers RP 879, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. J. M. Bonnisseau & A. Jamin, 2008. "Equilibria with Increasing Returns: Sufficient Conditions on Bounded Production Allocations," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 10(6), pages 1033-1068, December.
  6. 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).
  7. 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).
  8. Cornet, Bernard, 1988. "General equilibrium theory and increasing returns : Presentation," Journal of Mathematical Economics, Elsevier, vol. 17(2-3), pages 103-118, April.
  9. repec:dau:papers:123456789/5646 is not listed on IDEAS
  10. Bonnisseau, J.-M. & Cornet, B., 1988. "Existense of marginal cost pricing equilibria: the nonsmooth case," CORE Discussion Papers 1988015, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  11. 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.
  12. Guesnerie, Roger, 1975. "Pareto Optimality in Non-Convex Economies," Econometrica, Econometric Society, vol. 43(1), pages 1-29, January.
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