The Second Welfare Theorem with public goods in general economies

Alejandro Jofré and Jorge Rivera

Working Papers from University of Chile, Department of Economics

Abstract: In 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.

Keywords: Non-convex separation; Second Welfare Theorem; public goods; externalities. (search for similar items in EconPapers)
JEL-codes: D11 D61 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2010-04
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Persistent link: https://EconPapers.repec.org/RePEc:udc:wpaper:wp318

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