DigitalCommons@WayneState

Title

Extended Second Welfare Theorem for Nonconvex Economies with Infinite Commodities and Public Goods

Authors

Aychiluhim Habte, Benedict College, Columbia, SCFollow
Boris S. Mordukhovich, Wayne State UniversityFollow

Document Type

Technical Report

Abstract

This paper is devoted to the study of nonconvex models of welfare economics with public goods and infinite-dimensional commodity spaces. Our main attention is paid to new extensions of the fundamental second welfare theorem to the models under consideration. Based on advanced tools of variational analysis and generalized differentiation, we establish appropriate approximate and exact versions of the extended second welfare theorem for Pareto, weak Pareto, and strong Pareto optimal allocations in both marginal price and decentralized price forms.

Number in Series

2010.06

Disciplines

Applied Mathematics | Mathematics

AMS Subject Classification

90A14, 49J52

Comments

This research was partly supported by the US National Science Foundation under grant DMS-0603846 and by Australian Research Council under grant DP-12092508

Recommended Citation

Habte, Aychiluhim and Mordukhovich, Boris S., "Extended Second Welfare Theorem for Nonconvex Economies with Infinite Commodities and Public Goods" (2010). Mathematics Research Reports. 77.
https://digitalcommons.wayne.edu/math_reports/77