Munich Personal RePEc Archive

General equilibrium and social choice with increasing returns

Chichilnisky, Graciela (1990): General equilibrium and social choice with increasing returns. Published in: Annals of Operations Research , Vol. 23, (1990): pp. 289-297.

[thumbnail of MPRA_paper_8124.pdf]

Download (2MB) | Preview


For any intransitive community preference, we construct a non-convex economy where all the marginal cost pricing general equilibria are Pareto inefficient (theorem 3.2). The result is valid without requiring a fixed income distribution rule (corollary 3.3). Intransitive community preferences are a frequent occurrence (theorem 3.1): necessary and sufficient conditions for transitivity of the community preference fail in a set which is open and dense in the space of individual preferences with a standard topology.

Atom RSS 1.0 RSS 2.0

Contact us: mpra@ub.uni-muenchen.de

This repository has been built using EPrints software.

MPRA is a RePEc service hosted by Logo of the University Library LMU Munich.