General equilibrium and social choice in economies with increasing returns |
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Authors: | Graciela Chichilnisky |
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Affiliation: | (1) Department of Economics, Columbia University, 10027 New York, NY, USA |
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Abstract: | 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. |
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