Cost Minimization of Nonconvex Firms Under Prices in Normal Cones  

Oleh:

Ishimoto, Osamu

Jenis: Article from Bulletin/Magazine
Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 35 no. 4 (1994), page 1019-1028.
Topik: costs; cost minimization; non convex firms; prices; normal cones

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Clarke's normal cone has been frequently used to formulate the marginal cost pricing rule for nonconvex firms. I provide examples where a firm with convex iso - output sets is not minimizing its cost at a price vector in the normal cone. For a firm to be cost minimizing under any price in the normal cone, lower hemicontinuity of the iso - output correspondence is sufficient. I also provide an extension of the second welfare theorem, with a price vector in the normal cone of each firm and cost minimization of firms.

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