Market failures and equilibria in Banach lattices

Jean-Marc Bonnisseau and Matias Fuentes
Additional contact information
Matias Fuentes: Centro de investigatcion en Economia Teorica y Mathematica Aplicada EEyN, UNSAM

Documents de travail du Centre d'Economie de la Sorbonne from Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne

Abstract: In this paper, we consider an economy with infinitely many commodities and market failures such as increasing returns to scale and external effects or other regarding preferences. The commodity space is a Banach lattice possibly without interior points in the positive cone in order to include most of the relevant spaces in economics. We propose a new definition of the marginal pricing rule through a new tangent cone to the production set at a point of its (non-smooth)-boundary. The major contribution is the unification of many previous works with convex or non-convex production sets, smooth or non-smooth, for the competitive equilibria or for the marginal pricing equilibria, with or without external effects, in finite dimensional spaces as well as in infinite dimensional spaces. In order t o prove the existence of a marginal pricing equilibria, we also provide a new properness condition on technologies

Keywords: Marginal pricing rule; Banach lattices; Market failures; Properness; General equilibrium (search for similar items in EconPapers)
JEL-codes: C62 D21 D51 D62 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2018-12, Revised 2024-08
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://shs.hal.science/halshs-01960874 (application/pdf)

Related works:
Working Paper: Market failures and equilibria in Banach lattices (2024)
Working Paper: Market failures and equilibria in Banach lattices (2024)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mse:cesdoc:18037

Access Statistics for this paper

More papers in Documents de travail du Centre d'Economie de la Sorbonne from Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne Contact information at EDIRC.
Bibliographic data for series maintained by Lucie Label ().