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Equilibrium with Nonconvex Technologies

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  • Villar, Antonio

Abstract

We provide an elementary proof of the existence of equilibrium in a general equilibrium model allowing for non-convex production sets. It is shown that when firms follow upper hemicontinuous and convex-valued pricing rules with bounded losses, a price vector and an allocation exist, such that all agents are in equilibrium and all markets clear. The existence result presented in this paper is a particular case of that one in Bonnisseau and Cornet (1988, Th. 2.1'). In this respect, our contribution consists of presenting an alternative proof which turns out to be simpler and more intuitive.

Suggested Citation

  • Villar, Antonio, 1994. "Equilibrium with Nonconvex Technologies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 4(4), pages 629-638, May.
    • Handle: RePEc:spr:joecth:v:4:y:1994:i:4:p:629-38
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    Cited by:

    1. Hichem Ben-El-Mechaiekh & Philippe Bich & Monique Florenzano, 2009. "General equilibrium and fixed-point theory: a partial survey," PSE-Ecole d'économie de Paris (Postprint) hal-00755998, HAL.
    2. Antonio Villar, 1994. "Existence and efficiency of equilibrium in economics with increasing returns to scale: an exposition," Investigaciones Economicas, Fundación SEPI, vol. 18(2), pages 205-243, May.
    3. van den Elzen, Antoon & Kremers, Hans, 2006. "An adjustment process for nonconvex production economies," Journal of Mathematical Economics, Elsevier, vol. 42(1), pages 1-13, February.
    4. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875, December.
    5. Paul Oslington, 2012. "General Equilibrium: Theory and Evidence," The Economic Record, The Economic Society of Australia, vol. 88(282), pages 446-448, September.

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