Quarterly Journal of Economics Vol. 102 No. 2 1987

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

Abstract

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

Issue

2

Pages

223

Sources

openalex crossref

Cite

APA 7 MLA 9 Chicago (author–date) Harvard Elsevier Harvard (JFE, JBF…) The Accounting Review Academy of Management American Marketing Association INFORMS (Management Science) Copy citation Copied ✓