6533b854fe1ef96bd12ae16d

RESEARCH PRODUCT

Prices and Pareto optima

Sjur Didrik FlåmAbderrahim Jourani

subject

Microeconomicsjel:C60first and second welfare theorem; weak and strong Pareto optimum; nonconvex tastes or technologies; public goods; externalities; local separation; subdifferentials; normal conesControl and OptimizationApplied Mathematicsjel:D60jel:D50EconomicsPareto principleManagement Science and Operations ResearchPublic goodCommodity (Marxism)Externality

description

We provide necessary conditions for Pareto optimum in economies where tastes or technologies may be nonconvex, nonsmooth, and affected by externalities. Firms can pursue own objectives, much like the consumers. Infinite-dimensional commodity spaces are accommodated. Public goods and material balances are accounted for as special instances of linear restrictions.

yearjournalcountryeditionlanguage
2006-03-06Optimization
https://doi.org/10.1080/02331930600808434