General equilibrium and social choice in economies with increasing returns

DOI10.1007/BF02204853MaRDI QIDQ803008zbMATH OpenOpenAlexFDO

Authors Graciela Chichilnisky

Publication date 1990

Published in Annals of Operations Research (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1007/bf02204853

zbMATH Keywords

example of inefficiencyincreasing returnsintransitive community preferencesmarginal cost pricing equilibria

Mathematics Subject Classification ID

Group preferences (91B10) Social choice (91B14) General equilibrium theory (91B50)

Review text

This paper supplies a further example of inefficiency of marginal (cost) pricing equilibria. Assuming intransitive community preferences, but without requiring a fixed income formation rule, the author constructs an economy for which all equilibria are (Pareto) inefficient. To support that result, the author shows that there is an open and dense set of individual preferences which lead to intransitive community preferences.

Recommendations

• General equilibrium with increasing returns
• Increasing Returns in Infinite-Horizon Economies
• Existence of intransitive equilibria in nonconvex economies
• scientific article; zbMATH DE number 19467
• Fundamentals of general equilibrium analysis

Cites work

• Clarke's tangent cones and the boundaries of closed sets in Rn
• Community Preference Fields
• Community preferences and social choice
• Equity, Efficiency and Increasing Returns
• scientific article; zbMATH DE number 3976693 (Why is no real title available?)
• scientific article; zbMATH DE number 4057229 (Why is no real title available?)
• On a general existence theorem for marginal cost pricing equilibria
• Pareto Optimality in Non-Convex Economies
• Smooth Preferences
• Social choice and the topology of spaces of preferences

Cited in

(5)

• Existence of equilibria in the presence of increasing returns
• Social objectives in general equilibrium
• General equilibrium with increasing returns
• scientific article; zbMATH DE number 13844 (Why is no real title available?)
• Transitive Social Choice in Economic Environments

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