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Implementation of Marginal Cost Pricing Equilibr

Implementation of Marginal Cost Pricing Equilibrium Allocations with Transfers in Economies with Increasing Returns to Scale

Guoqiang TIAN
Department of Economics
Texas A&M University
College Station, Texas 77843
(gtian@tamu.edu)
February 20, 2004

Abstract
This paper considers implementation of marginal cost pricing equilibrium allocations with transfers for production economies in the presence of increasing returns to scale when production sets, preferences and individual endowments are all unknown to the planner. We present a generalized mechanism in which the set of social equilibrium allocations of a generalized mechanism coincide with the set of (constrained) marginal cost pricing equilibrium allocations with transfers for economies with increasing returns to scale. The mechanism is elementary and natural. It has some nice properties such as feasibility, continuity, forthrightness,
and best response. It uses a finite-dimensional message space. Furthermore, it works not only for three or more agents, but also for two-agent economies.

Keywords and Phrases: Well-behaved generalized mechanism, implementation, Pareto e±ciency, marginal cost pricing equilibrium with transfers, increasing returns, non-convexities.

Journal of Economic Literature Classification Number: C72, D61, D71, D82.

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