A REMARK ON CLARKE'S NORMAL CONE AND THE MARGINAL COST PRICING RULE
Résumé
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.
Domaines
Economies et finances
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