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A REMARK ON CLARKE'S NORMAL CONE AND THE MARGINAL COST PRICING RULE

Abstract : This paper constructs a closed set Y in R' such that for all y in the boundary of Y Clarke's normal cone to Y at y is equal to R'+. If Y is the production set of a tirm, then the marginal cost pricing rule imposes no restriction. The existence of Y is shown to be equivalent to the existence of a Lipschitzian function f from Rt-1 to R such that the generalized gradient of / is everywhere equal to the convex hull of 0 and the simplex of Rt-1.
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https://halshs.archives-ouvertes.fr/halshs-00167132
Contributor : Elyès Jouini Connect in order to contact the contributor
Submitted on : Wednesday, August 15, 2007 - 6:05:11 PM
Last modification on : Wednesday, November 17, 2021 - 12:26:51 PM

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  • HAL Id : halshs-00167132, version 1

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Elyès Jouini. A REMARK ON CLARKE'S NORMAL CONE AND THE MARGINAL COST PRICING RULE. Journal of Mathematical Economics, Elsevier, 1989, 18, pp.95-101. ⟨halshs-00167132⟩

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