On a General Existence Theorem for Marginal Cost Pricing Equilibria

Donald Brown (), Geoffrey Heal, M. Khan and Rajiv Vohra

No 724, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: We report a generalization of recent results on the existence of marginal cost pricing equilibria (MCPE) in economies with an increasing returns to scale industry. Our result makes no ad hoc assumptions which force the equilibrium to be on the efficiency frontier of the aggregate production possibility set. We also present an additional condition under which our MCPE are productivity efficient in the aggregate.

Pages: 20 pages
Date: 1984-12
Note: CFP 653.
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Citations: View citations in EconPapers (1)

Published in Journal of Economic Theory (April 1986), 38(2): 371-379

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