Increasing returns, externalities and equilibrium in Riesz spaces

Jean-Marc Bonnisseau and Matías Fuentes ()
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Matías Fuentes: UAM - Universidad Autónoma de Madrid

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Abstract: This paper studies the appropriate pricing rule and its associated equilibrium concept when there are market imperfections in a Riesz space setting. We extend the notion of marginal pricing equilibria to situations with non convex production sets and external factors in an abstract vector lattice whose topological dual is a sublattice of its order dual. Our main result guarantees that a non-competitive equilibrium exists and it is related with first order condition for profit maximization at the time that it encompasses a wide range of economic situations since previous results in the literature become particular cases of it. Furthermore, we developed a new properness assumption that takes into account the non convexity of the production correspondences together with the presence of externalities which in some sense is a weakening of some known conditions in competitive economies.

Keywords: Riesz space; marginal pricing rule; non-competitive equilibrium; sigma-locally tau-uniform properness (search for similar items in EconPapers)
Date: 2022-12
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-03908326v1
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Published in 2022

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Related works:
Working Paper: Increasing returns, externalities and equilibrium in Riesz spaces (2022)
Working Paper: Increasing returns, externalities and equilibrium in Riesz spaces (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-03908326

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