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Existence of equilibria in economics with increasing returns and infinitely many commodities

Article Abstract:

The existence of equilibria in economies with increasing returns and infinitely many commodities was examined via distinguishing two cases. The first case is characterized by producers that follow loss free pricing rules such as the average cost or the profit maximizing pricing rule. On the other hand, the second case deals with bounded loss pricing rules. An existence result was given in each case under assumptions which extend those considered in the finite dimensional case. A firm with a convex production set, which maximizes its profits, was shown to satisfy the existence result.

Economics, Research and Development in the Social Sciences and Humanities, Mathematical models, Commodity price indexes

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Regular economies with non-ordered preferences

Article Abstract:

Exchange economies with non-ordered preferences and externalities are studied. An index formula under continuity and boundary conditions is proven and differentiability assumptions are made on the preferences. Regular economies are defined as the regular values of the natural projection, and are determined to have a finite odd number of equilibria, for each of which there exists a local differentiable selection. The data shows that even with only non-ordered preferences and externalities, exchange economies demonstrate adequate properties for equilibrium analysis.

Economies of scale

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Existence of marginal pricing equilibria in economies with externalities and non-convexities

Article Abstract:

The authors propose a marginal pricing rule which meets a continuity assmption with externalities. The rule is illustrated with examples.

Externalities (Economics), Product price

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