This paper discusses necessary optimality conditions for multi-objective optimization problems with application to the Second Theorem of Welfare Economics. We use the extremal principle, since we consider non-convex sets non-smooth functions. Particularly, we develop a slight generalization of...

This paper discusses necessary optimality conditions for multi-objective optimization problems with application to theSecond Theorem of Welfare Economics. We use the extremal principle, since we consider non-convex sets non-smooth functions.Particularly, we develop a slight generalization of the...

In a multi-period, multi-commodity economy with stock markets, we try to extend the work of Drèze (1974) to define the behaviour of the firms. We exhibit first order necessary conditions for a constrained Pareto optimal allocation. The financial constraints lead to non-collinear supporting spot...

The paper extends the Drèze's Criterion [Investment under private ownership : optimality, equilibrium and stability, in «Allocation under Uncertainty ; Equilibrium and Optimality», Wiley, New York, 1974, p.129] for firms to non-smooth and non-convex technologies and to non-ordered preferences...

We propose an objective for the firm in a general model of production economies extending over time under uncertainty and with incomplete markets. Trading in commodities and shares of stock occurs sequentially on spot markets at all date-events. We derive the objective of the firm from the...

We propose an objective for the firm in a general model of production economies extending over time under uncertainty and with incomplete markets. Trading in commodities and shares of stock occurs sequentially on spot markets at all date-events. We derive the objective of the firm from the...