A remark on Clarke's normal cone and the marginal cost pricing rule

This paper constructs a closed set Y in Rl such that for all y in the boundary of Y, Clarke's normal cone to Y at y is equal to Rl+. If Y is the production set of a firm, 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 Rl−1 to R such that the generalized gradient of f is everywhere equal to the convex hull of 0 and the simplex of Rl−1.

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Year of publication:	1988
Authors:	Jouini, Elyès
Institutions:	Université Paris-Dauphine (Paris IX)
Subject:	Lipschitz functions

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Series:	Economics Papers from University Paris Dauphine.
Type of publication:	Book / Working Paper
Notes:	Published in Journal of Mathematical Economics, 1988, Vol. 17, no. 2-3. pp. 309-315.Length: 6 pages
Classification:	G12 - Asset Pricing ; D51 - Exchange and Production Economies ; C02 - Mathematical Methods
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011073458