A REMARK ON CLARKE'S NORMAL CONE AND THE MARGINAL COST PRICING RULE

Elyès Jouini ()

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Abstract: This paper constructs a closed set Y in R' such that for all y in the boundary of Y Clarke's normal cone to Y at y is equal to R'+. If Y is the production set of a tirm, then the marginal cost pricing rule imposes no restriction. The existence of Y is shown to be equivalent to the existence of a Lipschitzian function f from Rt-1 to R such that the generalized gradient of / is everywhere equal to the convex hull of 0 and the simplex of Rt-1.

Keywords: pricing rule; marginal cost (search for similar items in EconPapers)
Date: 1989
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Published in Journal of Mathematical Economics, 1989, 18, pp.95-101

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Related works:
Journal Article: A remark on Clarke's normal cone and the marginal cost pricing rule (1989)
Journal Article: A remark on Clarke's normal cone and the marginal cost pricing rule (1988)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00167132

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