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Market Equilibrium With Nonconvex Technologies

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  • Antonio Villar Notario

    (Instituto Valenciano de Investigaciones Económicas)

Abstract

An economy with l commodities, m consumers and n firms is considered. Consumers are modelled in a standard way. It is assumed that the jth firm has a closed and comprehensive production set, Y with O E Y. The equilibrium of firms appears associated to the notion of a pricing rule (a mapping applying the boundary of a firm's production set on the price space, whose graph describes the pairs prices-production which a firm finds "acceptable"). We show that when firms follow loss-free and upper hemicontinuous, convex-valued pricing rules, a price vector and an allocation exist, such that: a) Consumers maximize their preferences subject to their budget constraints; b) Every firm is in equilibrium; and c) All markets clear.

Suggested Citation

  • Antonio Villar Notario, 1991. "Market Equilibrium With Nonconvex Technologies," Working Papers. Serie AD 1991-03, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    • Handle: RePEc:ivi:wpasad:1991-03
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    File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-1991-03.pdf
    File Function: Fisrt version / Primera version, 1991
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    Cited by:

    1. María del Carmen Marco Gil, 1993. "A Characterization Of The Extended Claim-Egalitarian Solution," Working Papers. Serie AD 1993-03, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).

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