Existence of Equilibria with a Tight Marginal Pricing Rule

Bernard Cornet and Jean-Marc Bonnisseau

No 200908, WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS from University of Kansas, Department of Economics

Abstract: This paper deals with the existence of marginal pricing equilibria when it is defined by using a new and tighter normal cone introducedby B. Cornet and M.O. Czarnecki. The main interest of this new definition of the marginal pricing rule comes from the fact that it is more precise in the sense that the set of prices satisfying the condition is smaller than the one given by the Clarke's normal cone. The counter- part is that it is not convex valued, which leads to some mathematical diffculties in the existence proof. The result is obtained through an approximation argument under the same assumptions as in the previous existence results.

Keywords: General economic equilibrium; increasing returns; marginal pricing rule; existence. (search for similar items in EconPapers)
JEL-codes: C62 D50 D51 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2009-12, Revised 2009-12
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Related works:
Journal Article: Existence of equilibria with a tight marginal pricing rule (2008)
Working Paper: Existence of equilibria with a tight marginal pricing rule (2008)
Working Paper: Existence of equilibria with a tight marginal pricing rule (2008)
Working Paper: Existence of equilibria with a tight marginal pricing rule (2008)
Working Paper: Existence of Equilibria with a Tight Marginal Pricing Rule (2006)
Working Paper: Existence of Equilibria with a Tight Marginal Pricing Rule (2006)
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