Supporting weakly Pareto optimal allocations in infinite dimensional nonconvex economies

Monique Florenzano, Pascal Gourdel and Alejandro Jofré
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Alejandro Jofré: CMM - Centre de modélisation mathématique / Centro de Modelamiento Matemático [Santiago] - UCHILE - Universidad de Chile = University of Chile [Santiago] - CNRS - Centre National de la Recherche Scientifique

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Abstract: In this paper, we prove a new version of the Second Welfare Theorem for economies with a finite number of agents and an infinite number of commodities, when the preference correspondences are not convex-valued and/or when the total production set is not convex. For this kind of nonconvex economies, a recent result obtained by one of the authors, introduces conditions which, when applied to the convex case, give for Banach commodity spaces the well-known result of decentralization by continuous prices of pareto optimal allocations under an interiority condition. In this paper, in order to prove a different version of the Second Welfare Theorem, we reinforce the conditions on the commodity space, assumed here to be a Banach lattice, and introduce a nonconvex version of the properness assumptions on preferences and the total rpoduction set. Applied to the convex case, our result becomes the usual Second Welfare Theorem when properness assumptions replace the interiority condition. The proof uses a Hahn-Banach Theorem generalization by Borwein-Jofré which allows to separate nonconvex sets in general Banach spaces.

Keywords: Second welfare theorem; nonconvex economies; Banach spaces; subdifferential; Banach lattices; Properness assumptions (search for similar items in EconPapers)
Date: 2006-11
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00086819
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Citations: View citations in EconPapers (6)

Published in Economic Theory, 2006, 29 (3), pp.549-564. ⟨10.1007/s00199-005-0033-y⟩

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Journal Article: Supporting weakly Pareto optimal allocations in infinite dimensional nonconvex economies (2006)
Working Paper: Supporting weakly Pareto optimal allocations in infinite dimensional nonconvex economies (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00086819

DOI: 10.1007/s00199-005-0033-y

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