← Search

An Extension of the Second Welfare Theorem to Economies with Nonconvexities and Public Goods

M. Ali Khan¹; Rajiv Vohra²

¹ University of Illinois System · ² John Brown University

In this paper we report a generalization of the results of Foley and Guesnerie on the second welfare theorem to economies with arbitrary nonconvex production sets. The nature of marginal cost prices in such economies is clarified through the use of the Clarke tangent cones.

DOI

10.2307/1885061

Volume

102 (2)

Pages

223

Export

BibTeX

Sources

openalex crossref