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.
Creation-Date: October 1991
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