Existence of intransitive equilibria in nonconvex economies |
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Authors: | Pascal Gourdel |
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Affiliation: | (1) Laboratoire d'Econométrie de l'Ecole Polytechnique, CERMSEM, Université de Paris I, 75634 Paris Cedex 13, France |
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Abstract: | We consider a general equilibrium model of an economy with increasing returns to scale or more general types of nonconvexity and without ordered preferences. Firms are instructed to set their prices according to general pricing rules which may depend on the production plans of other firms. We suppose, moreover, that the pricing rule of the firms verifies a condition of weak bounded losses. This includes the case of profit maximizing, average cost pricing and marginal (cost) pricing, thanks to a transformation used by Bonnisseau. The tastes of the consumers may depend both on other consumptions and on the prices This paper reports a general existence result in this model which extends the results of Bonnisseau and Cornet. |
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Keywords: | 90A14 |
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