Spatial Price Equilibrium and Convex Duality

Johannes Brocker

The Annals of Regional Science, 1994, vol. 28, issue 2, 153-75

Abstract: This paper presents the duality theory of a class of spatial price equilibrium models characterized by the assumption that the net supply of firms, households, and transport agents can be described by set-valued correspondences, which are subdifferential mappings of convex functions. If the graphs of these correspondences overlap sufficiently in price space and quantity space, an equilibrium exists. Finding an equilibrium allocation is equivalent to the minimization of social costs, and finding an equilibrium price vector is equivalent to the minimization of social surplus under these conditions.

Date: 1994
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