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General equilibrium and social choice with increasing returns

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  • Chichilnisky, Graciela

Abstract

For any intransitive community preference, we construct a non-convex economy where all the marginal cost pricing general equilibria are Pareto inefficient (theorem 3.2). The result is valid without requiring a fixed income distribution rule (corollary 3.3). Intransitive community preferences are a frequent occurrence (theorem 3.1): necessary and sufficient conditions for transitivity of the community preference fail in a set which is open and dense in the space of individual preferences with a standard topology.

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File URL: http://mpra.ub.uni-muenchen.de/8124/1/MPRA_paper_8124.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8124.

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Date of creation: 1990
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Handle: RePEc:pra:mprapa:8124
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Keywords: general equilibrium; pareto efficient; pareto inefficient; community preference; income distribution; topology; transitivity; market efficiency;

Find related papers by JEL classification:

  • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
  • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
  • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis

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  1. Brown, Donald J. & Heal, Geoffrey M. & Ali Khan, M. & Vohra, Rajiv, 1986. "On a general existence theorem for marginal cost pricing equilibria," Journal of Economic Theory, Elsevier, vol. 38(2), pages 371-379, April.
  2. Debreu, Gerard, 1972. "Smooth Preferences," Econometrica, Econometric Society, vol. 40(4), pages 603-15, July.
  3. Chichilnisky, Graciela, 1980. "Social choice and the topology of spaces of preferences," MPRA Paper 8006, University Library of Munich, Germany.
  4. Chichilnisky, Graciela & Heal, Geoffrey, 1983. "Community preferences and social choice," Journal of Mathematical Economics, Elsevier, vol. 12(1), pages 33-61, September.
  5. Chichilnisky, Graciela, 1986. "Topological complexity of manifolds of preferences," MPRA Paper 8119, University Library of Munich, Germany.
  6. Brown, Donald J & Heal, Geoffrey, 1979. "Equity, Efficiency, and Increasing Returns," Review of Economic Studies, Wiley Blackwell, vol. 46(4), pages 571-85, October.
  7. Chipman, John S., 1974. "Homothetic preferences and aggregation," Journal of Economic Theory, Elsevier, vol. 8(1), pages 26-38, May.
  8. Brown, Donald J & Heal, Geoffrey M, 1983. "Marginal vs. Average Cost Pricing in the Presence of a Public Monopoly," American Economic Review, American Economic Association, vol. 73(2), pages 189-93, May.
  9. Guesnerie, Roger, 1975. "Pareto Optimality in Non-Convex Economies," Econometrica, Econometric Society, vol. 43(1), pages 1-29, January.
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Cited by:

  1. Chichilnisky, Graciela, 1993. "Topoloy and economics: the contributions of S. Smale," MPRA Paper 8485, University Library of Munich, Germany.
  2. Chichilnisky, Graciela, 1990. "Social choice and the closed convergence topology," MPRA Paper 8353, University Library of Munich, Germany.
  3. Chichilnisky, Graciela, 1990. "On the mathematical foundations of political economy," MPRA Paper 8123, University Library of Munich, Germany.

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