On the subdifferential of the value function in economic optimization problems
Article Abstract:
A unified approach to determine conditions for the existence of a subgradient of the value function in relation to optimizations problems is presented. Using different multipliers applicable to different models such as general equilibrium and convex optimization, the conditions that achieve non-emptiness of the subdifferential of the value function are determined. Two results of the nondifferential of the value function are given, one is supported by a known theorem and the other has no assumed continuity of the objective function.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1996
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On the objective of firms under uncertainty with stock markets
Article Abstract:
The methodology initiated by Dreze has a natural extension, which means that the firms are asked to satisfy a first-order necessary condition of profit maximization with respect to the Dreze's prices and is extended to define the behavior of the firms in a multi-period, multi-commodity economy with stock market. The first-order necessary conditions for a constrained Pareto optimal allocation are also exhibited.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 2004
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Existence of equilibria in the presence of increasing returns: a synthesis
Article Abstract:
An analysis of equilibrium conditions under an increasing return setting is presented. The analysis considers two theories which are based on non-convex production sets. The first theory highlights the marginal pricing rule while the second theory follows general pricing with bounded loss. It is shown that an integration of the two approaches may be possible based on exixtence conditions.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1992
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