Existence of equilibria in economies with increasing returns and infinitely many commodities

Jean-Marc Bonnisseau and Moncef Meddeb ()
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Moncef Meddeb: CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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Abstract: In this paper, we prove the existence of equilibria in a model with infinitely many commodities and where production sets exhibit increasing returns to scale or more general types of non-convexities. We distinguish two cases. In the first, producers follow loss free pricing rules like the average cost or the profit maximizing pricing rule. The second case is devoted to bounded loss pricing rules. In each case, we give an existence result under assumptions which extend those considered in the finite dimensional case. In particular, they are satisfied by a firm with a convex production set which maximizes its profits. We also give a new sufficient condition to have an economically meaningful equilibrium price.

Keywords: General equilibrium; Increasing returns; Infinitely many commodities; Bounded loss pricing rule (search for similar items in EconPapers)
Date: 1999-04
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Published in Journal of Mathematical Economics, 1999, 31 (3), pp.287-307. ⟨10.1016/S0304-4068(97)00064-5⟩

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Related works:
Journal Article: Existence of equilibria in economies with increasing returns and infinitely many commodities (1999)
Working Paper: Existence of equilibria in economies with increasing returns and infinitely many commodities (1999)
Working Paper: Existence of Equilibria in Economies with Increasing Returns and Infinitely Many Commodities (1996)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:hal-00187220

DOI: 10.1016/S0304-4068(97)00064-5

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