Increasing returns, externalities and equilibrium in Riesz spaces

Jean-Marc Bonnisseau and Matias Fuentes ()
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Matias Fuentes: Universidad Autonoma de Madrid - Departimento de Analisis Economico Economica Cuantitativa

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

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)
JEL-codes: C62 D51 (search for similar items in EconPapers)
Pages: 42 pages
Date: 2022-12
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Downloads: (external link)
http://mse.univ-paris1.fr/pub/mse/CES2022/22025.pdf (application/pdf)
https://shs.hal.science/halshs-03908326

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:mse:cesdoc:22025

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