SFB 303 Discussion Paper No. A - 352
Author: Hara, Chiaki
Title: Existence of Equilibria in Nonconvex Economies Without Ordered
Preferences
Abstract: In this paper, we prove the existence of quasi equilibria in
economies with nonconvex production possibilities and non-ordered
preferences. Our existence theorem is a generalization of the existence
theorem for general pricing rules in Bonnisseau and Cornet (1989). We
also argue about one drawback of the Generalized Second Fundamental
Theorem of Welfare Economics: Unlike for the classical Second
Fundamental Theorem, for some Pareto efficient allocation, there may
be no wealth distribution rule (or, assignment of private ownership)
for which the Pareto efficient allocation is a unique marginal cost
pricing equilibrium. We give simple sufficient conditions under which
the uniqueness of this sense is obtained.
Keywords:
JEL-Classification-Number:
Creation-Date: October 1991
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