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Robustly Efficient Equilibria in Non-Convex Economies

Chichilnisky, Graciela; Heal, Geoffrey M.

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.

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Academic Units
Economics
Publisher
Department of Economics, Columbia University
Series
Department of Economics Discussion Papers, 641
Published Here
February 17, 2011

Notes

May 1992.

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