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

S-Tier
Journal: Quarterly Journal of Economics
Year: 1987
Volume: 102
Issue: 2
Pages: 223-241

Score contribution per author:

4.022 = (α=2.01 / 2 authors) × 4.0x S-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

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.

Technical Details

RePEc Handle
repec:oup:qjecon:v:102:y:1987:i:2:p:223-241.
Journal Field
General
Author Count
2
Added to Database
2026-01-25