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Robustly Efficient Equilibria in Non-Convex Economies

Graciela Chichilnisky; Geoffrey M. Heal

Title:
Robustly Efficient Equilibria in Non-Convex Economies
Author(s):
Chichilnisky, Graciela
Heal, Geoffrey M.
Date:
Type:
Working papers
Department:
Economics
Permanent URL:
Series:
Department of Economics Discussion Papers
Part Number:
641
Publisher:
Department of Economics, Columbia University
Publisher Location:
New York
Abstract:
An economy has a robustly efficient marginal cost pricing equilibrium (mcpe) if it has an mcpe that is Pareto efficient and if this property is preserved under small variations in preferences endowments and technologies. We consider economies in which there is a finite number of equilibria, each of which varies continuously with preferences and endowments. We prove that there exist no robustly efficient marginal cost pricing equilibria.
Subject(s):
Economics
Item views:
225
Metadata:
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