Prices and Pareto Optima

We provide necessary conditions for Pareto optimum in economies where tastes or technologies may be nonconvex, nonsmooth, and affected by externalities. Firms can pursue own objectives, much like the consumers. Infinite-dimensional commodity spaces are accommodated. Public goods and material balances are accounted for as special instances of linear restrictions.

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Year of publication:	2006-03-06
Authors:	Flam, Sjur ; Jourani, A.
Institutions:	Nationalekonomiska Institutionen, Ekonomihögskolan
Subject:	first and second welfare theorem \| weak and strong Pareto optimum \| nonconvex tastes or technologies \| public goods \| externalities \| local separation \| subdifferentials \| normal cones

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Extent:	application/pdf
Series:	Working Papers.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series Working Papers Number 2006:6 17 pages
Classification:	C60 - Mathematical Methods and Programming. General ; D50 - General Equilibrium and Disequilibrium. General ; D60 - Welfare Economics. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005645125