Market failures and equilibria in Banach lattices : new tangent and normal cones

Autores
Bonnisseau, Jean-Marc; Fuentes, Matías Nicolás.
Año de publicación
2019
Idioma
inglés
Tipo de recurso
artículo
Estado
versión aceptada
Descripción
In this paper, we consider an economy with infinitely many commodities and market failures such as increasing returns to scale and external effects or other regarding preferences. The commodity space is a Banach lattice possibly without interior points in the positive cone in order to include most of the relevant commodity spaces in economics. We propose a new definition of the marginal pricing rule through a new tangent cone to the production set at a point of its (non-smooth) boundary. The major contribution is the unification of many previous works with convex or non-convex production sets, smooth or non-smooth, for the competitive equilibria and for the marginal pricing equilibria, with or without external effects, in finite-dimensional spaces as well as in infinite-dimensional spaces. In order to prove the existence of a marginal pricing equilibria, we also provide a suitable properness condition on nonconvex technologies to deal with the emptiness of the interior of the positive cone.
Fil.: Fuentes, Matías Nicolás. Universidad Nacional de San Martín. Centro de Investigación en Economía Teórica y Matemática Aplicada (CIETyMA) ; San Martín, Buenos Aires, Argentina
Fil: Bonnisseau, Jean-Marc. Universidad Paris 1 Panthéon-Sorbonne ; Paris, Francia.
Materia
ECONOMIC EQUILIBRIUM
COMMODITIES
COMMODITIES PRICES
MARKETS
Nivel de accesibilidad
acceso abierto
Condiciones de uso
http://creativecommons.org/licenses/by-nc-sa/2.5/ar/
Repositorio
Repositorio Institucional (UNSAM)
Institución
Universidad Nacional de General San Martín
OAI Identificador
oai:ri.unsam.edu.ar:123456789/2616
Acceder
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oai_identifier_str oai:ri.unsam.edu.ar:123456789/2616
network_acronym_str RIUNSAM
repository_id_str s
network_name_str Repositorio Institucional (UNSAM)
spelling Market failures and equilibria in Banach lattices : new tangent and normal conesBonnisseau, Jean-MarcFuentes, Matías Nicolás.ECONOMIC EQUILIBRIUMCOMMODITIESCOMMODITIES PRICESMARKETSIn this paper, we consider an economy with infinitely many commodities and market failures such as increasing returns to scale and external effects or other regarding preferences. The commodity space is a Banach lattice possibly without interior points in the positive cone in order to include most of the relevant commodity spaces in economics. We propose a new definition of the marginal pricing rule through a new tangent cone to the production set at a point of its (non-smooth) boundary. The major contribution is the unification of many previous works with convex or non-convex production sets, smooth or non-smooth, for the competitive equilibria and for the marginal pricing equilibria, with or without external effects, in finite-dimensional spaces as well as in infinite-dimensional spaces. In order to prove the existence of a marginal pricing equilibria, we also provide a suitable properness condition on nonconvex technologies to deal with the emptiness of the interior of the positive cone.Fil.: Fuentes, Matías Nicolás. Universidad Nacional de San Martín. Centro de Investigación en Economía Teórica y Matemática Aplicada (CIETyMA) ; San Martín, Buenos Aires, ArgentinaFil: Bonnisseau, Jean-Marc. Universidad Paris 1 Panthéon-Sorbonne ; Paris, Francia.ScienceDirect2019-09-30info:eu-repo/semantics/acceptedVersioninfo:eu-repo/semantics/articlehttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfpp. 338-367.application/pdfBonnisseau, J. M. y Fuentes, M. N. (2020). Market failures and equilibria in Banach lattices : new tangent and normal cones. J Optim Theory Appl 184, 338–367. https://doi.org/10.1007/s10957-019-01593-w1573-2878EEYN_CIETYMA_2019_1573-2878_184_338-367http://ri.unsam.edu.ar/handle/123456789/2616enginfo:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by-nc-sa/2.5/ar/Creative Commons Atribución-NoComercial-CompartirIgual 2.5 Argentina (CC BY-NC-SA 2.5)reponame:Repositorio Institucional (UNSAM)instname:Universidad Nacional de General San Martín2025-09-29T14:31:20Zoai:ri.unsam.edu.ar:123456789/2616instacron:UNSAMInstitucionalhttp://ri.unsam.edu.arUniversidad públicaNo correspondehttp://ri.unsam.edu.ar/oai/lpastran@unsam.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:s2025-09-29 14:31:22.599Repositorio Institucional (UNSAM) - Universidad Nacional de General San Martínfalse
dc.title.none.fl_str_mv Market failures and equilibria in Banach lattices : new tangent and normal cones
title Market failures and equilibria in Banach lattices : new tangent and normal cones
spellingShingle Market failures and equilibria in Banach lattices : new tangent and normal cones
Bonnisseau, Jean-Marc
ECONOMIC EQUILIBRIUM
COMMODITIES
COMMODITIES PRICES
MARKETS
title_short Market failures and equilibria in Banach lattices : new tangent and normal cones
title_full Market failures and equilibria in Banach lattices : new tangent and normal cones
title_fullStr Market failures and equilibria in Banach lattices : new tangent and normal cones
title_full_unstemmed Market failures and equilibria in Banach lattices : new tangent and normal cones
title_sort Market failures and equilibria in Banach lattices : new tangent and normal cones
dc.creator.none.fl_str_mv Bonnisseau, Jean-Marc
Fuentes, Matías Nicolás.
author Bonnisseau, Jean-Marc
author_facet Bonnisseau, Jean-Marc
Fuentes, Matías Nicolás.
author_role author
author2 Fuentes, Matías Nicolás.
author2_role author
dc.subject.none.fl_str_mv ECONOMIC EQUILIBRIUM
COMMODITIES
COMMODITIES PRICES
MARKETS
topic ECONOMIC EQUILIBRIUM
COMMODITIES
COMMODITIES PRICES
MARKETS
dc.description.none.fl_txt_mv In this paper, we consider an economy with infinitely many commodities and market failures such as increasing returns to scale and external effects or other regarding preferences. The commodity space is a Banach lattice possibly without interior points in the positive cone in order to include most of the relevant commodity spaces in economics. We propose a new definition of the marginal pricing rule through a new tangent cone to the production set at a point of its (non-smooth) boundary. The major contribution is the unification of many previous works with convex or non-convex production sets, smooth or non-smooth, for the competitive equilibria and for the marginal pricing equilibria, with or without external effects, in finite-dimensional spaces as well as in infinite-dimensional spaces. In order to prove the existence of a marginal pricing equilibria, we also provide a suitable properness condition on nonconvex technologies to deal with the emptiness of the interior of the positive cone.
Fil.: Fuentes, Matías Nicolás. Universidad Nacional de San Martín. Centro de Investigación en Economía Teórica y Matemática Aplicada (CIETyMA) ; San Martín, Buenos Aires, Argentina
Fil: Bonnisseau, Jean-Marc. Universidad Paris 1 Panthéon-Sorbonne ; Paris, Francia.
description In this paper, we consider an economy with infinitely many commodities and market failures such as increasing returns to scale and external effects or other regarding preferences. The commodity space is a Banach lattice possibly without interior points in the positive cone in order to include most of the relevant commodity spaces in economics. We propose a new definition of the marginal pricing rule through a new tangent cone to the production set at a point of its (non-smooth) boundary. The major contribution is the unification of many previous works with convex or non-convex production sets, smooth or non-smooth, for the competitive equilibria and for the marginal pricing equilibria, with or without external effects, in finite-dimensional spaces as well as in infinite-dimensional spaces. In order to prove the existence of a marginal pricing equilibria, we also provide a suitable properness condition on nonconvex technologies to deal with the emptiness of the interior of the positive cone.
publishDate 2019
dc.date.none.fl_str_mv 2019-09-30
dc.type.none.fl_str_mv info:eu-repo/semantics/acceptedVersion
info:eu-repo/semantics/article
http://purl.org/coar/resource_type/c_6501
info:ar-repo/semantics/articulo
status_str acceptedVersion
format article
dc.identifier.none.fl_str_mv Bonnisseau, J. M. y Fuentes, M. N. (2020). Market failures and equilibria in Banach lattices : new tangent and normal cones. J Optim Theory Appl 184, 338–367. https://doi.org/10.1007/s10957-019-01593-w
1573-2878
EEYN_CIETYMA_2019_1573-2878_184_338-367
http://ri.unsam.edu.ar/handle/123456789/2616
identifier_str_mv Bonnisseau, J. M. y Fuentes, M. N. (2020). Market failures and equilibria in Banach lattices : new tangent and normal cones. J Optim Theory Appl 184, 338–367. https://doi.org/10.1007/s10957-019-01593-w
1573-2878
EEYN_CIETYMA_2019_1573-2878_184_338-367
url http://ri.unsam.edu.ar/handle/123456789/2616
dc.language.none.fl_str_mv eng
language eng
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
http://creativecommons.org/licenses/by-nc-sa/2.5/ar/
Creative Commons Atribución-NoComercial-CompartirIgual 2.5 Argentina (CC BY-NC-SA 2.5)
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-sa/2.5/ar/
Creative Commons Atribución-NoComercial-CompartirIgual 2.5 Argentina (CC BY-NC-SA 2.5)
dc.format.none.fl_str_mv application/pdf
pp. 338-367.
application/pdf
dc.publisher.none.fl_str_mv ScienceDirect
publisher.none.fl_str_mv ScienceDirect
dc.source.none.fl_str_mv reponame:Repositorio Institucional (UNSAM)
instname:Universidad Nacional de General San Martín
reponame_str Repositorio Institucional (UNSAM)
collection Repositorio Institucional (UNSAM)
instname_str Universidad Nacional de General San Martín
repository.name.fl_str_mv Repositorio Institucional (UNSAM) - Universidad Nacional de General San Martín
repository.mail.fl_str_mv lpastran@unsam.edu.ar
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score 12.559606

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