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Department of Economics, Lund University Working Papers, Department of Economics, Lund University

No 2006:6:
Prices and Pareto Optima

Sjur Flam () and A. Jourani ()

Abstract: We provide necessary conditions for Pareto optimum in economies where tastes or technologies may be nonconvex, nonsmooth, and affected by externalities. Firms can pursue own objectives, much like the consumers. Infinite-dimensional commodity spaces are accommodated. Public goods and material balances are accounted for as special instances of linear restrictions.

Keywords: first and second welfare theorem; weak and strong Pareto optimum; nonconvex tastes or technologies; public goods; externalities; local separation; subdifferentials; normal cones; (follow links to similar papers)

JEL-Codes: C60; D50; D60; (follow links to similar papers)

17 pages, March 6, 2006

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